Summit Bank turns profit ahead of target.Byline: Joe Mosley Mos·ley , Sir Oswald Ernald 1896-1980. British politician and the founder and leader of the British fascist party. The Register-Guard Eugene-based Summit Bank is in the black less than two years after beginning operations and one financial quarter before its target date for turning a profit. Summit, which opened for business in March 2004, posted net income of $32,000 - just over 3 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. - for the three months that ended Dec. 31, 2005. "For us it was simply a matter of growing the bank rapidly enough to where we reached the tipping point The point in time in which a technology, procedure, service or philosophy has reached critical mass and becomes mainstream. See network effect. See also tip and ring. where interest income is exceeding operating costs operating costs npl → gastos mpl operacionales ," Scott Goldstein Gold·stein , Joseph Leonard Born 1940. American biochemist. He shared a 1985 Nobel Prize for discoveries related to cholesterol metabolism. , the bank's senior financial officer, said Friday. "It's only going up from here," Goldstein said. Summit's founders anticipated in the bank's charter application that it would reach profitability in the first quarter of 2006. The start-up Start-up The earliest stage of a new business venture. bank's assets at year-end were $52.4 million - a 128 percent increase from the end of 2004. Loan production grew by $21.4 million, or 163 percent; deposits grew by $28 million, or 196 percent. The bank, at 96 E. Broadway, specializes in serving small- to medium-sized businesses and their owners. Goldstein said there are no immediate plans to expand with any branch offices, but the bank will try to continue extending services within the Eugene-Springfield market area. "We're employing a number of fairly innovative ways to reach out and offer services without physical expansion," he said. Summit raised about $10 million from more than 300 investors to begin operations in 2004. Its board of directors is made up largely of local executives, who used their influence to draw other businesses to the bank. The bank's Web site is www.summitbankonline.com. |
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