SANTA CRUZ, Calif., March 17, 2020 /PRNewswire/ -- Santa Cruz County Bank (OTC Pink: SCZC), with assets over $1 billion, is a top rated community bank headquartered in Santa Cruz County. Today the bank announced its Board of Directors' declaration of a quarterly cash dividend in the amount of $0.075 per share. The dividend is payable on April 10, 2020 to shareholders of record as of the close of business on March 31, 2020. This is the twenty-eighth consecutive quarterly cash dividend declared by the bank.
On October 18, 2019, Santa Cruz County Bank and Lighthouse Bank completed the previously announced Agreement and Plan of Reorganization and Merger. For the year ended December 31, 2019, Santa Cruz County Bank reported $12.3 million in net income, an increase of 8%, compared to 2018. Return on average equity was 12.31% for the year ended December 31, 2019. The book value per share of Santa Cruz County Bank's common stock at December 31, 2019 was $39.25, compared to $27.98 as of December 31, 2018. Shareholders' equity grew to $151.1 million, an $82.6 million increase from $68.5 million the prior year.
ABOUT SANTA CRUZ COUNTY BANK
Santa Cruz County Bank was founded in 2004. It is a top-rated, locally-owned and operated, full-service community bank headquartered in Santa Cruz, California. The bank has seven branches–Aptos, Capitola, Cupertino, Santa Cruz (2), Scotts Valley and Watsonville. Santa Cruz County Bank is distinguished from "big banks" by its relationship-based service, problem-solving focus, and direct access to decision makers. The bank is a leading SBA lender in Santa Cruz County and Silicon Valley, and a top USDA lender in the state of California. As a full-service bank, Santa Cruz County Bank offers competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, construction lending, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment, and treasury management. True to its community roots, Santa Cruz County Bank has supported regional well-being by actively participating in and donating to local not-for-profit organizations.
Santa Cruz County Bank stock is publicly traded on the OTC marketplace under the symbol SCZC. Stock purchase orders may be placed online, through a brokerage firm, or through Market Makers listed in the Investor Relations section of the bank's website. For more information about Santa Cruz County Bank, visit www.sccountybank.com.
NATIONAL, STATE, AND LOCAL RATINGS AND AWARDS
Financial Management Consulting (FMC) Group: Santa Cruz County Bank has ranked in FMC's top ten banks in California for the past five years.
The Findley Reports, Inc.: The Bank has received the top ranking of Super Premier by Findley for nine consecutive years.
Bauer Financial Reports, Inc.: Santa Cruz County Bank is rated 5-star "Superior" based upon its financial performance.
American Banker Magazine: Santa Cruz County Bank ranked 12nd out of 601 institutions in American Banker Magazine's "Top Performing 200 Community Banks & Thrifts in the United States" based upon 3-year average return on equity. The Bank ranked 4th out of 26 California banks. The Bank has ranked in the Top 200 Community Banks in the United States for six consecutive years.
The Bank ranks 4th in the Silicon Valley for the number of SBA loans lent to Silicon Valley businesses for the SBA's 2019 fiscal year.
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SOURCE Santa Cruz County Bank