Centennial First Financial Services Announces Quarterly Earnings and Appointment of Chief Lending Officer.Business Editors REDLANDS, Calif.--(BUSINESS WIRE)--July 17, 2000 Centennial First Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CFFX) parent company of Redlands Centennial Bank Monday announced its performance for the second quarter of 2000. Earnings for the quarter ending June 30, 2000 were $220,000, compared with earnings of $139,000 for the second quarter 1999, representing a 58% increase. Earnings per share were 32 cents for the current quarter compared with 21 cents for the same period last year. Year to date earnings through June increased 60% from $246,000 in 1999, to $394,000 in 2000. Total assets increased 18% or $13.2 million, to $88 million from June 1999 to June 2000. Total loans increased $7.2 million, or 15%, to $55 million from June 1999 to June 2000. Deposits, at $81 million, represent an increase of $12.3 million, or 18% for the same period. Douglas C. Spencer, president and chief executive officer, stated: "As a result of continued quality loan and deposit growth, the company is proud to report record second quarter earnings. The company is enjoying its best year in all areas of performance in its 10-year history. Results are in line with management's financial strategy and emphasize our commitment of offering a complete range of financial solutions and products to our clients delivered with modern technology and old-fashioned service." Timothy P. Walbridge has joined the bank as executive vice president and chief lending officer. Walbridge replaces Roy D. Lewis, who, after seven years with the bank, is in the process of relocating to the San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. area to organize a de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. bank. President Spencer added: "We wish Mr. Lewis continued success in his career and thank him for his service in contributing to the bank's sound loan growth and shareholder value. We welcome Mr. Walbridge to Redlands Centennial Bank, and look forward to having him on our management team." Walbridge previously served as senior vice president and credit administrator at First Security Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. and has extensive experience in commercial lending and credit administration. Currently a one-bank holding company, Centennial First Financial Services was formed in December 1999 as the parent company of Redlands Centennial Bank, which has provided banking services since August 1990. The company operates its main office and construction division in downtown Redlands, and an SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government loan production office in Santa Ana Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif. Additional information is available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.redcent.com or by contacting Spencer directly at spencerd@redcent.com. |
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