65.9 F
San Diego
Saturday, Jul 13, 2024
-Advertisement-

Seacoast Commerce Bank Ties Losses to Strategic Initiatives

Seacoast Commerce Bank, based in Chula Vista, reported a net loss of $105,591 for the second quarter compared with a net profit of $83,584 for the quarter ended June 30, 2006. The bank disclosed its quarterly financial results Aug. 1.

For the six months, Seacoast Commerce lost $367,310 compared with a net profit of $121,769 for the first half of 2006.

The bank reported loans of $46.7 million as of June 30, down from $47 million in the prior year’s second quarter.

Nonperforming assets at the half were $1.6 million, or 2.5 percent of its total assets of $63.5 million.

The bank cited planned strategic initiatives, including realigned staffing in several lending areas, along with moving its headquarters to a larger space, and signing a lease for another location in Eastlake, as reasons for the net losses.

The bank’s management said it expects to incur losses as it continues to build the business, but that it is positioning the bank to capitalize on its market opportunity.

, Mike Allen

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-