Community banks have faced many challenges in the past year, including navigating an uncertain economy, higher interest rates, inflation, ongoing digital transformation and regulatory burden. But amid these pressures, many community banks have continued along a healthy growth trajectory.
In a June 2023 interview, Fox News personality Sean Hannity asked California Gov. Gavin Newsom why so many residents were leaving the state for places like Florida. Newsom disputed the assertion. “Per capita, more Floridians move to California than Californians moving to Florida,” Newsom responded.
It’s a Thursday morning and the Commercial Kitchen Incubator in Watsonville is bustling as workers from a dozen or so small businesses scramble to get ready for the weekend. They’ll be preparing everything from salsa to nopales that will be sold on food trucks or at restaurants and grocery stores.
The Santa Cruz County Bank and 1st Capital Bank completed their merger in 2024 and have now launched under a new name, starting April 1. The new name echoes the bank's holding company, West Coast Community Bancorp, which is publicly traded under OTCQX: SCZC. Officials said the acquisition enabled the combined bank to cover regulatory expenses and other operational costs.
West Coast Community Bancorp, the parent company of Santa Cruz County Bank, has officially completed its merger with 1st Capital Bancorp, marking a significant milestone in the evolution of community banking on the Central Coast. Effective October 1, 2024, 1st Capital Bancorp merged with Bancorp, and 1st Capital Bank merged with Santa Cruz County Bank, signaling the beginning of a new era of growth and opportunity for both institutions.
Q: Congratulations on Santa Cruz County Bank’s 20th anniversary! How would you describe the journey and evolution of the bank from its inception to where it stands today?
A: Santa Cruz County Bank was a de novo bank that opened its doors in 2004 with $13.2 million in capital raised from local investors and a stand-alone banking office. Today, we are at $1.7 billion in assets, serving a tri-county area with eight banking offices and more than 150 employees. So, you could say we went from zero to $1.7 billion in 20 years!
West Coast Community Bancorp (OTCQX: "SCZC") ("Bancorp"), the holding company for Santa Cruz County Bank ("Bank"), headquartered in Santa Cruz, California, and 1st Capital Bancorp (OTCQX: "FISB"), the holding company for 1st Capital Bank, headquartered in Salinas, California, jointly announced today that they have entered into an agreement and plan of reorganization and merger (the "Agreement"), pursuant to which 1st Capital Bancorp will merge with and into West Coast Community Bancorp in an all-stock transaction valued at approximately $63 million, or $10.78 per FISB share, based on the closing price of $29.94 for West Coast Community Bancorp shares on May 20, 2024.
The owner of Santa Cruz County Bank is merging with 1st Capital Bank to expand the combined entity’s footprint in Monterey County and beyond.
West Coast Community Bancorp announced Monday evening that it would merge with 1st Capital Bancorp, which owns the Salinas-headquartered regional bank chain. Krista Snelling, president and CEO of both Santa Cruz County Bank and West Coast Community Bancorp, will lead the combined company, which will be headquartered in Santa Cruz.
With a market share of 15.5%, $1.8 billion-asset Santa Cruz County Bank (SCCB) ranks fourth in California’s Santa Cruz county, trailing only megabanks. Krista Snelling, president and CEO, believes the community bank’s strong performance reflects its strategy of investing in up-to-date technology to serve and therefore strengthen customer relationships.
Snelling created SCCB’s digital transformation committee when she joined the community bank in 2021. Composed of SCCB executives, IT leaders and some client-facing team members, the committee’s mission is to identify and prioritize opportunities for technology upgrades.
Santa Cruz County Bank will mark 20 years in business on Saturday, Feb. 3, and it remains one of the top ranked community banks in the country. It currently operates eight branches in Santa Cruz, Monterey and Santa Clara counties, with Salinas marking its newest branch. (It opened last year.) It’s those strong community ties that have been crucial to Santa Cruz County Bank’s success, said CEO Krista Snelling. Unlike a bigger operation, all deposits made at the bank are reinvested back into the three counties where it does business.
Last year was a turbulent one for smaller community banks. Rapidly rising interest rates caught some off-guard, leading to a run on deposits and the high-profile failure of several regional banks, including two in the San Francisco Bay Area. That spooked some customers, who moved their deposits to bigger banks and more lucrative savings and investment accounts, squeezing profits for small banks even further. Five regional banks failed in 2023, the most since 2017.
West Coast Community Bancorp ("Bancorp", OTCQX: SCZC), the parent company of Santa Cruz County Bank (the "Bank"), announced unaudited record earnings for the year ended December 31, 2023 of $35.2 million, a $4.2 million or 14% increase over 2022. Basic and diluted earnings per share in 2023 improved over 2022 by $0.55 and $0.54, respectively, to $4.18 and $4.16. Unaudited earnings for the quarter ended December 31, 2023 were $8.8 million, a decrease of 3% from $9.1 million in the prior quarter and a decrease of 12% from $10.0 million in the fourth quarter of 2022. Basic and diluted earnings per share in the fourth quarter of 2023 were both $1.05, and decreased over the prior quarter by $0.04 and $0.03, respectively. Both basic and diluted earnings per share in the fourth quarter of 2023 decreased over the prior year comparative quarter by $0.13.
Santa Cruz County Bank tops other banks for number of small business loans issued locally
Santa Cruz County Bank issued 23 U.S. Small Business Administration (SBA) loans totaling $22.58 million to small businesses in greater Silicon Valley last year, making it the top such lender in the region.
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