Shareholders of Stockton-based
Bank On It get dividend
(Reprinted from The Record, December 8, 2006) By Joe Goldeen
Record Staff Writer STOCKTON - Just days ahead of opening a new branch east of Highway 99, the board of Stockton-based Bank On It Inc., parent of Community Bank of San Joaquin, declared a 5 percent stock dividend to shareholders of record as of Dec. 15. Eligible shareholders will receive a stock certificate reflecting the amount of the dividend payable Dec. 29.
The new 1,200-square-foot branch - the 7-year-old bank's second - is expected to open at 4426 E. Waterloo Road before the end of the year and include an ATM and night depository. Loan officers will be available. Also this week, Community Bank reported earnings of $987,000, or 78 cents per share, for the first nine months of the year compared with $870,000, or 72 cents, for the same time in 2005, an increase of 13 percent. Total assets Sept. 30 were down more
than $2.6 million to $123.1 million from $125.8 million one year earlier. Net loans were off $9 million at $74.1 million on Sept. 30 compared with $83.8 million in 2005, while total deposits were down more than $9 million to $103 million from $112.8 million last year. "Reduced construction lending due to the changing real estate market as well as increased deposit customer investments in off-balance-sheet products have led to the decline in loans and deposits as shown in
the report," bank Chairman Rudy Croce and Chief Executive Officer Jane Butterfield said in a joint statement. Chief Financial Officer Rick Dodge explained the county loan market has been highly competitive. "There's no doubt that the construction market has slowed down. Commercial lending is an area we hope to see some strength in next year, and we expect to see improvements in agricultural lending as well," Dodge said. He also
noted that deposits, while down year over year, have increased about $3 million since the second quarter of this year. "We do expect to see some continued growth here, particularly with the opening of the new branch. We compete more on customer service than on rates," he said. The bank's stock, which trades as BKOT on the Over the Counter Bulletin Board, has been valued at $20 in recent days after trading at around $19 since early October. Contact reporter Joe Goldeen at (209) 546-8278 or jgoldeen@recordnet.com << Return to What Others Are Saying
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