S.D. National, Two Credit Unions Unveil New Branch Locations
Two San Diego County banks said strong net earnings growth fueled increased profitability.
First National Bank reported net income of $4.35 million for 1999, compared to $3.5 million for 1998. Total assets reached $608 million by Dec. 31, an increase of 17 percent, said Leon Reinhart, president.
“The strong lending infrastructure we put in place over the past couple of years is now working like a well-oiled machine,” Reinhart said. “Our people have formed close banking relationships with San Diego companies and started to fill the void left by the many local banks that have been purchased by out-of-state institutions.”
Fallbrook-based Community Bancorp Inc., parent company of Fallbrook National Bank, reported 1999 annual income increased 23 percent to $1.6 million, accompanied by a 29 percent gain in its balance sheet. In comparison, net income for 1998 was $1.3 million, said Tom Swanson, president and CEO.
In 1999’s fourth quarter, net income increased 77 percent to $856,000, compared to $483,000 in the same quarter in 1998.
Revenues for the fourth quarter grew 23 percent to $5.4 million, compared to $4.4 million in the previous year’s fourth quarter.
“Net income for 1999 was favorably impacted by a substantial deduction in the loan loss provision due to improving quality in the loan portfolio,” Swanson said.
During 1999, assets increased 29 percent to $175 million, compared to $136 million at year-end 1998, he said.
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New Branches: San Diego National Bank and two local credit unions have opened new branch offices.
San Diego National said it had obtained final regulatory approval for the acquisition of the Encinitas and Rancho Bernardo branches of Solvang-based Los Padres Bank. Both bank branches were reopened last month under the San Diego National Bank banner, said Robert Horsman, president and CEO.
“Our strategy over the past two years has focused on branch expansion, particularly in the North County marketplace,” Horsman said. “We also recognize that the accommodation of existing customers and staff is paramount to a successful acquisition. We will retain all Los Padres staff to help ensure that Los Padres customers feel at home at San Diego National Bank.”
With $1.2 billion in assets, San Diego National Bank is the largest local bank in San Diego, Horsman said. It operates 14 branch offices across the county.
San Diego County Credit Union opened its EastLake branch at 2280 Otay Lakes Road late last month as well, said Rod Calvao, president and CEO of the credit union. The branch office is in the EastLake Village Shopping Center and has an automated teller machine, safe deposit boxes and is open six days a week, he added.
San Diego County Credit Union has assets of more than $1.2 billion and 17 branches in San Diego County and Temecula.
California Coast Credit Union also opened its newest branch office last month. The facility is in the Commerce Square Shopping Center at Highway 78 and San Marcos Boulevard, said Diana Buck, a credit union spokeswoman.
She said the San Marcos branch office is the first to feature the credit union’s new California Coast Convenience Center.
The convenience center has secure, 24-hour access to a vestibule in the building containing an automated teller machine, member service phone providing account information and loans by phone and a computer kiosk allowing members direct access to the credit union’s on-line financial services, Buck said.
California Coast Credit Union operates six branches in San Diego County.