News
San Diego Trust Bank Posts Monthly Profit in Record Time
Bank Continues to Outperform - Reaches Milestone in Just One Year
SAN DIEGO - San Diego Trust Bank (OTC BB: SDBK) reports that it has generated a monthly profit in October, just twelve months after opening its doors. The Company's strong, consistent growth in loans and deposits, coupled with prudent management of non-interest expenses led to the Bank's record setting results. "I guess you could say we made a buck the 'old-fashioned way', "exclaimed Michael Perry, President and CEO. "We've focused our efforts to date on generating 'core operating earnings' rather than relying upon SBA premiums, mortgage origination fees, or aggressively leveraging our balance sheet to produce these results," he further commented.
It is believed that no other community bank in San Diego (excluding those operating as a subsidiary of a larger holding company) has produced a monthly profit in such a short time frame. In fact, since 1998, San Diego Trust Bank is one of only a handful of banks across the entire State of California to achieve such results during their first twelve months of operations. On average, most new independent banks take from 24 to 36 months before generating such earnings. Most impressive is the fact that these results were generated while operating in the lowest interest rate environment this country has witnessed in the past four decades.
It is typical for banks at this juncture to bounce back and forth between recording a profit and a loss for several months as the institution continues to expand its operation. Management expects this to be the case for San Diego Trust, but would not comment as it relates to projected earnings. "It would be inappropriate for us to speculate as to future results, but suffice it to say we are absolutely thrilled to be this far along so early in our development", stated Perry.
Ed Carpenter, Chairman and CEO of Carpenter & Company, who is regarded as the foremost authority on the formation and capitalization of new banks in California, is not surprised by the bank's record-setting performance. "Of the more than 500 banks our firm has chartered since 1974, we regard San Diego Trust as one of the top five teams we have ever worked with," commented Carpenter. Carpenter worked with Bank organizers during their initial public offering last year, which proved to be one of the most successful capital campaigns of any community bank in the history of San Diego. "Prior to the Bank's opening, we stated that this was going to be an exciting team to watch and they have certainly not disappointed. The strength and energy of their management team combined with the experience and dedication of their board is a powerful combination and their results reflect such," he further added.
Founded by several of San Diego's most respected banking veterans and business leaders, San Diego Trust Bank is dedicated to the timeless principles of superior local market knowledge, unparalleled service, and building exceptional shareholder value. With over three hundred years of experience in banking San Diegans, timely local decision making, and one of the most comprehensive product lines found in the market today, San Diego Trust Bank delivers "Performance You Can Trust."
For more information on the Bank please visit www.sandiegotrust.com or call (619) 525-1700.
CONTACT: Michael Perry
(619) 525-1727
mperry@sandiegotrust.com
Safe Harbor
Certain statements in this press release, including statements regarding the anticipated expansion of the Bank's business, and the intent, belief, or current expectations of the Bank, its directors or its officers are "forward-looking", statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local economy, the Bank's performance, regulatory matters and those discussed in filings by the Bank with various regulatory agencies.
|