SANTA CRUZ, Calif., Sept. 17, 2019 /PRNewswire/ -- Santa Cruz County Bank (OTC Pink: SCZC), a top rated, high performing 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 October 10, 2019 to shareholders of record as of the close of business on September 30, 2019. This is the twenty-sixth consecutive quarterly cash dividend declared by the bank. In addition to cash dividends, a 10% stock dividend was granted to shareholders in November 2017.
The Bank reported $3.3 million in net income for the second quarter ended June 30, 2019, an increase of 20%, compared to the same quarter in 2018. Return on average equity was 17.82% for the quarter ended June 30, 2019. The book value per share of Santa Cruz County Bank's common stock at June 30, 2019 was $30.48, compared to $25.56 as of June 30, 2018. Shareholders' equity grew to $74.8 million, a 20% or $12.2 million increase compared to June 30, 2018.
On May 28, 2019, Santa Cruz County Bank and Lighthouse Bank (OTC Pink: LGHT) announced an Agreement and Plan of Reorganization and Merger. A copy of the announcement is available on Santa Cruz County Bank's website. Regulatory approval has been received from both the Federal Deposit Insurance Corporation (FDIC) and the Department of Business Oversight (DBO). Santa Cruz County Bank and Lighthouse Bank will seek approval of the merger from their respective shareholders at a special shareholder's meeting to be held on September 18, 2019.
ABOUT SANTA CRUZ COUNTY BANK
Santa Cruz County Bank, founded in 2004, is a locally owned and operated community bank with offices located in Aptos, Capitola, Santa Cruz, Scotts Valley and Watsonville. The bank offers a variety of competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment, and cash management. The Bank's SBA Department is recognized as a top SBA lender in Santa Cruz County, Silicon Valley and Central San Joaquin Valley. Santa Cruz County Bank is a top USDA lender in the state of California.
Santa Cruz County Bank stock is publicly traded under the stock symbol SCZC. Stock purchase orders may be placed through a brokerage firm, online, or through one of our Market Makers listed in the Investor Relations section of the bank's website. For more information about Santa Cruz County Bank, please visit our website www.sccountybank.com.
NATIONAL, STATE, AND LOCAL RATINGS AND AWARDS
S&P Global Top 100 Community Banks: Santa Cruz County Bank ranked 35th in the nation out of nearly 3,000 banks with assets under $2 billion based upon 2018 performance. The Bank has ranked in the Top 100 Community Banks by S&P Global for three consecutive years.
Financial Management Consulting (FMC) Group: Santa Cruz County Bank ranked as the top bank in California in overall performance among 148 banks, and also ranked 1st in asset quality as well as 1st (lowest) in non-performing assets for its financial performance in the first, second and third quarters of 2018. The Bank ranked 2nd in overall performance for California banks for the full year in 2018. The Bank has ranked in FMC's top ten banks in California for the past four years.
The Findley Reports, Inc.: Santa Cruz County Bank was named a Super Premier Performing Bank for its 2018 financial performance. 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 or "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 8th in the Silicon Valley for the number of SBA loans lent to Silicon Valley businesses for the SBA's 2018 fiscal year.
SOURCE Santa Cruz County Bank