San Diego Business Journal

Capistrano’s Capital Bank Heads for North County

By Mike Allen Thursday, May 10, 2012

Capital Bank, based in San Juan Capistrano and with $118 million in assets, said on May 7 that it plans to expand into San Diego, opening a loan production office in North County later this year.

CEO Mike Justice said the new office will be headed by John Penrith and Ken Baker who joined the bank as senior vice presidents and bring with them a wealth of contacts.

Justice, who previously worked at San Diego Trust Bank and First Community Bank, said his bank’s strong capital position (nearly 24 percent in total risk-based capital) and five-star rating from Bauer Financial should attract many new customers.

For the first quarter, Capital Bank reported net income of $104,000, compared with net income of $263,000 for the like quarter of 2011.

Total assets were up 15 percent to $118 million, deposits grew 14 percent to $102 million, and loans fell 1 percent to $69 million, the bank said.