Bank of Coronado and First National Bank officials said their business is booming so far this year.
Bank of Coronado’s earnings for the first three quarters of the year were $665,000, compared to $408,000 for the same period in 1999. That represents a 61 percent increase, said William McLaurin, president and CEO.
The bank’s total assets at the end of the third quarter were $67.7 million, compared to $61.6 million at the end of the third quarter of 1999, he added.
First National Bank generated $6.1 million in net operating income for the nine months ended Sept. 30, said Leon Reinhart, the bank’s president and CEO.
The bank’s assets grew to $695.8 million, a 21 percent increase since the same period last year. The bank’s loan portfolio grew 33 percent to $426 million as well.
“Our net operating income is up 229 percent over the same period last year,” Reinhart said. “We attribute the strength of our earnings to net interest income earned on our loan and investment securities portfolios, as well as to fee income growth from our expanding trust services, data processing and foreign exchange programs.”
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Donations Announced: In honor of National Philanthropy Week, San Diego National Bank announced it was giving a total of $200,000 to local charities.
More than 50 local nonprofit organizations were the beneficiaries of the donations, said Robert Horsman, president and CEO. The bank’s 14 branch managers provided direction on how the money was allocated, he said.
“Our branch managers have vast knowledge about their customers and their communities,” Horsman said. “They were instrumental in helping us choose organizations that represent San Diego’s diverse regions.”
Award Won: North Island Federal Credit Union has been selected to receive the Navy League Community Affiliate Award. The award is presented annually by the Navy League to a corporate affiliate that demonstrates outstanding support to the Navy League San Diego Council and the community, said Roger McTighe, the credit union’s senior vice president.
The credit union sponsors or supports several events with the Navy League including the Sailor of the Year Award presented by the commander of naval air forces in the Pacific. The credit union also is involved in the Navy Birthday Ball Hail and Farewell for senior military officers and ship welcome-home parties. A credit union vice president, Debbie Williams, has served on the league board of directors and executive committee for the last three years, he said. North Island Federal also provided space at no cost for the Navy League office and donated office equipment and computers to the League.
Bank Notes: 1st Pacific Bank of California, San Diego’s newest bank, held a grand opening of its office on Regents Road on Nov. 17. U.S. Bank and the San Diego Food Bank are seeking non-perishable food items for distribution to the needy. The food can be dropped off at any bank branch through Dec. 5. Imperial Bank’s San Diego Emerging Growth Division has provided a $6.5 million line of credit to locally based Widcom, a telecommunications company. San Diego Funding, a mortgage brokerage based in Mission Valley, has received approval from the San Diego Housing Commission to participate in the city of San Diego’s shared equity home loan program.
Send finance news to Grupe at agrupe @sdbj.com.
