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SONOMA VALLEY BANK ANNOUNCES RECORD EARNINGS FOR THE THIRD QUARTER; TOTAL ASSETS $54,000,000.00

 SONOMA, Calif., Oct. 19 /PRNewswire/ -- Sonoma Valley Bank (OTC Pink Sheets) President and CEO Mel Switzer Jr. reported that the bank's net earnings for the third quarter of 1993 were $142,000 or 33 cents per share compared to $128,000 or 33 cents per share for the third quarter of 1992.
 1993 year to date earnings total $300,000 or 73 cents per share compared to $381,000 or 97 cents per share for the first nine months of 1992, reflecting the cost of the secondary stock offering and additions to reserves made in the first two quarters of 1993. The quarterly and year to date earnings per share information have been adjusted to reflect the affect of stock dividends paid to shareholders in 1992 and 1993, and the issuance of 31,521 in new shares on May 14, 1993.
 Sonoma Valley Bank posted total assets of $54 million at Sept. 30, 1993, an increase of 14.3 percent over the same period in 1992. Deposits totaled $50 million, up 14 percent over the September 1992 total of $44 million. Total loans reached $38 million, up 13.3 percent from $34 million for the quarter ending Sept. 30, 1992. Although the bank held only 0.08 percent in non-performing loans at the end of the quarter, reserves for possible loan losses were increased to $771,000, up 38 percent over 1992 and now represent 2.03 percent of net loans.
 The new Glen Ellen Branch is showing good growth and is approaching $2 million in new deposits from the neighboring area. Plans are being made for the introduction of the bank's own Visa card in the fourth quarter, and the bank will be installing its second ATM in the Sonoma branch.
 -0- 10/19/98
 /CONTACT: Mel Switzer Jr., president and CEO of Sonoma Valley Bank, 707-935-3200/


CO: Sonoma Valley Bank ST: California IN: FIN SU: ERN

GT-TM -- SF005 -- 3897 10/19/93 11:03 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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