SAN DIEGO TRUST BANK ANNOUNCES COMMON STOCK DIVIDEND FOLLOWING RECORD 2010 RESULTS
- Board of Directors Declare Dividend Following 68% Increase in Earnings and 25th Consecutive Quarter of Profitability
SAN DIEGO – Michael E. Perry, Founder, Chairman and CEO of San Diego Trust Bank (OTCBB: SDBK), announced today that the Board of Directors has declared a Three-Percent (3.00%) Common Stock Dividend to be paid to Shareholders of Record as of March 31, 2011. The dividend is expected to be paid on or about April 30th, 2011.
“We recognize and appreciate the tremendous support our loyal shareholders have shown over the years and are excited to further enhance the value of their investment in the Bank,” commented Michael Perry. “We remain diligent in our approach and look forward to the possibility of making similar announcements in the years to come as we continue to deliver ‘Performance You Can Trust’,” Perry exclaimed.
San Diego Trust Bank recently reported its 25th consecutive quarterly profit with fourth-quarter earnings up 68% from the comparable period of a year ago. This past year proved to be one of the Bank’s strongest years since inception with record growth in both assets and earnings. Total Assets increased more than 33% during the year and stood at $203 million as of 12/31/10. Founded in October 2003, the Bank turned profitable in record time, just nine months after opening it’s doors, and has remained profitable each and every month thereafter.
The Bank’s consistently strong performance has not gone unnoticed. Bauer Financial, an independent rating agency who specializes in analyzing and reporting on the performance of U.S. Banks and credit unions, has awarded San Diego Trust Bank it’s highest ranking of “5-Stars” ever since San Diego Trust was eligible to be rated. This past quarter marked the Bank’s 16th Consecutive Quarter as a “5 –Star” Institution, a feat unmatched by any other bank in San Diego County.
As of December 31,2010 the Bank’s Total Risk Based Capital of 22.51% was among the highest in the nation for banks of similar size, and more than twice the amount needed to be considered “well-capitalized” by regulatory definition. San Diego Trust Bank has never applied for any government assistance, including the now infamous TARP program.
The Bank’s actual capital ratios as of December 31, 2010 are summarized as follows:
Well-Capitalized Standards San Diego Trust Bank
Tier 1 Leverage 5.00% 8.72%
Tier 1 Risk Based 6.00% 21.25%
Total Risk Based 10.00% 22.51%
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 four 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.”
San Diego Trust Bank common stock is traded on the Over-the-Counter Exchange under the symbol “SDBK”. For information on the company’s stock please contact Mr. Richard Levenson, President of Western Financial Corporation at (619) 544-0260.
For more information on the Bank please visit www.sandiegotrust.com or call (619) 525-1700.
For bank rating information please refer to www.bauerfinancial.com.
Bank contact: Michael Perry
Chairman, President and CEO
FORWARD LOOKING STATEMENTS
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes and financial policies of the United States government and general economic conditions. The Bank disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained herein to reflect future events or developments.