Santa Cruz County Banks 2nd Quarter Results

Written By Doug Erickson

West Coast Community Bancorp has once again demonstrated robust financial performance in the second quarter of 2024, with net income reaching $8.2 million. Although slightly lower than the previous quarter, this figure matches the earnings from the same period in 2023, showcasing the Bank's consistent growth and stability. Impressively, the Bank's net interest margin stands at 4.98%, and its strategic expense management has achieved an admirable efficiency ratio below 44%.

The excitement continues with the announcement of the upcoming merger with 1st Capital Bancorp, slated to enhance scale, efficiency, and lending capacity starting in 2025. This strategic move is expected to expand geographic reach and foster new business opportunities.

Furthermore, the Bank's commitment to excellence has been nationally recognized, with recent accolades from American Banker Magazine and the ICBA, cementing its status as a leader in community banking.

Clients and shareholders are encouraged to look forward to the benefits this merger will introduce and to celebrate the continuous achievements of the Bank.

Doug Erickson

Doug Erickson is a 35-year successful executive helping companies like Cisco, WebEx, and SugarCRM with global expansion. 

https://www.linkedin.com/in/ericksondoug/
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