California Community Bank announced yesterday that they have confirmed the election and appointment of two new directors at their recent Annual Shareholders meeting. This brings their board size to nine directors. The two new directors are Mr. Keith M. Arendsee and Mr. Kenneth B. Dunford.
Mr. Larry Hartwig, president and CEO, commented, “Our two newest directors bring a level of skill and experience that will add to the strength of our Board. We appreciate these two additions and look forward to their help in assisting the bank to successfully navigate through this very difficult economic climate.”
Mr. Keith Arendsee is a financial advisor with Torrey Pines Securities and is the son of the bank’s Chairman of the Board, Richard Arendsee. Mr. Ken Dunford has more than 40 years of experience in the development and construction industry. He serves as a consultant for civil construction firms on a limited basis.
Previously, California Community Bank released their unaudited second quarter 2010 financial results. The Bank finished the second quarter of 2010 with an asset base of $218,556,000, an increase of $36,775,000, or 20 percent, from the end of June 2009. Total deposits were $190,862,000, up $37,330,000, or 24 percent, over the same period a year ago. As of June 30, 2010, total gross loans net of deferred fees, the primary revenue driver for the Bank, stood at $158,465,000 compared to $149,407,000 at June 30, 2009, an increase of $9,058,000, or 6 percent.
For the second quarter of 2010, the Bank reported a net profit of $338,000, or basic earnings per share of 16 cents, versus a net loss of $88,000, or a basic loss per share of 4 cents, for the comparable period last year. The net profit for the first six months of the year was $598,000, or basic earnings per share of 28 cents, compared to a net loss of $338,000, or a basic loss per share of 16 cents, for the first half of 2009.
Headquartered in Escondido, California, California Community Bank began operations on August 11, 2003. The Bank currently operates four branches. These are in Escondido, Encinitas, San Diego, and Vista, California. The Bank provides an assortment of business and personal banking services to small-to-medium size businesses, professionals, and high net worth individuals in California.
For more information visit www.calcommunitybank.com
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