California Oaks State Bank Announces New Simi Valley Branch.Reports 2(nd) Quarter Results THOUSAND OAKS Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. , Calif. -- California Oaks State Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :COSB) announced today that it has finalized plans for a permanent Simi Valley Simi Valley (sē`mē, sĭm`ē), city (1990 pop. 100,217), Ventura co., SW Calif. in an oil, fruit, and farm region; laid out 1887, inc. 1969. branch at the new Simi Valley Corporate Point Center on First Street, adjacent to the Simi Valley Town Center Simi Valley Town Center is a shopping center located in Simi Valley, California. The mall opened in 2005 with Macy's and Robinsons-May as anchor stores. The Robinsons-May store was converted into a Macy's Men and Home Store on September 9, 2006. . The bank plans to open the new branch in April 2008. "This new branch will provide our Simi Valley customers local access, as well as providing businesses in the area with an exciting alternative," said Robert E. Lewis, Chairman of the Board, California Oaks State Bank. "This move represents an opportunity for California Oaks State Bank to expand its business in line with the area's escalating growth." The Bank also announced its second quarter results. The quarter ended with earnings of $179,000, or $.12 per share, assets ended at $107.6 million, and loans and deposits at $85.0 million and $89.2 million respectively. "We had a solid second quarter, with some slowing as higher rates slowed lending and competition from non-bank firms, such as brokerage houses, increased funding costs and competition for core deposits," Mr. Lewis commented. "The key to our earnings success continues to be quality loan growth coupled with expense control. California Oaks has a very high quality loan portfolio that remains unaffected by the problems in the housing market. "The second quarter results reflect an increase in interest expense due largely to the impact of the inverted yield curve Inverted Yield Curve Usually a chart showing long-term debt instruments that have lower yields than short-term debt instruments. It is sometimes referred to as a negative yield curve. on short term deposits. The Bank's net interest income remains strong but there is continuing pressure to increase its cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. . The competition for deposits has become very fierce and is affecting the net interest margin of most banks," he added. California Oaks State Bank, with total assets of $108 million, was founded in 1998 and is a locally-owned community bank. Its locations in Thousand Oaks and Simi Valley serve both consumer and business and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. customers. For additional information, visit www.caloaks.com. |
|
|||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion