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'09 a good year for Bank of Santa Clarita

Posted: January 25, 2010 4:44 p.m.
Updated: January 26, 2010 4:55 a.m.
 
Bank of Santa Clarita saw a 21 percent growth in deposits last year and a 3 percent growth in its loan portfolio, the commercial bank reported.

The bank's net earnings for 2009 were $609,000, up from $552,000 in 2008, according to a Thursday news release.

"The growth in both loans and deposits primarily reflects an expanding market opportunity and the benefit the bank has being the Santa Clarita Valley's only locally headquartered commercial bank," bank CEO and President Jim Hicken said in a statement.

Hicken said the bank also retained a strong loan quality last year, with non-accrual loans totalling $15,000 at the close of 2009 - down from $23,000 at the end of 2008.

In the first quarter of 2009 the bank opened its third full-service branch, aimed at serving both retail customers as well as small businesses.

Last December, the bank bought the former Ethan Allen furniture store building at the corner of Magic Mountain Parkway and Citrus Street. That location will be home to the bank's fourth branch.

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