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County Commerce Bank, the only community bank headquartered in Ventura and dedicated to serving Ventura County reported solid profits and continued growth during the second quarter of 2008. The bank reported net income of $501,000 for the first six months of 2008.
During the 12 month period ending June 30, 2008, capital increased $1,597,000 from $10,175,000 to $11,772,000; a 15.7% increase in investor’s equity. Assets climbed $15 million, from $104,570,000 to $119,576,000; a 14.34% increase. The bank extended an additional $15,722,000 in loans to local individuals and businesses during the same period, growing the bank’s portfolio by 24.4% from 64,478,000 to $80,200,000. The announcement was made by Joseph D. Kreutz, President and Chief Executive Officer. Kreutz stated, “I am pleased that the bank’s solid financial foundation affords the bank continued strong performance even during these difficult financial times.” Kreutz added, “The fact that we have never had a loan default, or even a loan payment 30-days past due since the bank started operations five years ago speaks to the quality of our loan portfolio resulting from our careful analysis and structuring of loan requests.”
In keeping with our corporate objective of enhancing shareholder value, our Board of Directors, based on the strength of the past several quarters’ results determined that it was appropriate to reward the shareholders with a stock dividend. The Board declared a five percent stock dividend, payable August 15, 2008 to shareholder of record July 31, 2008.
County Commerce Bank has received Super Premier Performing Bank and Premier Performing Bank status from Findley Reports for the last four consecutive years, Western Regional Winner of the Small Business of the Year Award in 2006 by the US Chamber of Commerce and Mid Sized Business of the Year 2006 by the Ventura Chamber of Commerce, Public Company of the Year 2008 by the Pacific Coast Business Times and the Five-Star “Superior” rating by BauerFinancial Inc., for more than 10 consecutive quarters.
County Commerce Bank was founded by local professionals and business leaders in Ventura County and opened for business in February, 2003. Headquartered in the City of Ventura at 3260 Telegraph Road (one block west of Mills), with a second branch in the Oxnard at 2400 East Gonzales Road, County Commerce Bank assists local professionals and small businesses, offering its customers a traditional banking experience along with Internet banking and Bill Pay.