Santa Cruz County Bank (OTCMKTS:SCZC) Stock In Focus After Recent News
Founded in 2004, Santa Cruz County Bank (OTCMKTS:SCZC) is a locally owned and operated community bank headquartered in Santa Cruz, California. Having branches in Capitola, Aptos, Cupertino, Santa Cruz, Monterey, Scotts Valley, and Watsonville. The Bank is different from “big banks” through the problem-solving focus, relationship-based service, and direct access to decision-makers.
A leading SBA lender in Silicon Valley and Santa Cruz County, it has won many awards including eight consecutive years in American Banker’s Top 200 Community Banks as well as Bauer Financial Superior 5-Star rating for every quarter in 2021. It has also been ranked thirteen out of 127 California banks based on overall financial performance in 2021. The Bank provides competitive deposit and lending solutions for individuals and businesses, including lines of credit, real estate financing, business loans as well as construction lending. Additionally, it gives USDA government guaranteed loans, credit cards, asset-based lending, and online banking.
Market Stats
On Monday, SCZC stock moved up 0.87% to $23.10 with more than 1.4K shares, compared to its average volume of 2.4K shares. The stock moved within a range of $22.60 – 23.10 after opening trading at $22.60.
Santa Cruz County Bank Announces $5 Million Share Repurchase Program
Santa Cruz County Bank on July 26, 2022, announced the launch of a $5 million Share Repurchase Program. The Board of Directors authorized the Share Repurchase Program and got the requisite approvals from the California Department of Financial Protection and Innovation and Federal Deposit Insurance Corporation.
The first share buyback in the history of the Bank, it had earlier announced the 2-for-1 stock split in March.
Chairman William J. Hansen said that the company has continuously aligned the Bank’s strategic initiatives with higher shareholder value. Hansen added that the Board authorization of the Program is based on strength of the balance sheet, growth, and financial performance. Hansen added that the program shows commitment to augmenting value for shareholders investing in the Bank. Its authorization enables the repurchase of about $5 million of Santa Cruz County Bank common shares in the open market as well as privately negotiated transactions.
Furthermore, the Bank forayed in a contract with a nationally recognized broker-dealer, Janney Montgomery Scott LLC for facilitating repurchases.
Santa Cruz County Bank on July 21, 2022, announced unaudited earnings for quarter two ending June 30, 2022. The Bank’s Net income for the quarter was $6.37 million, 18% over the previous quarter and 20% more than the same quarter in 2021.
Santa Cruz County Bank President and CEO Krista Snelling said that the bank is pleased to deliver historical milestones on gross loans, assets, and quarterly net income. Krista added that it demonstrates the focus on investment in digital transformation, people, and generating new business. The Bank had launched a fresh Asset-Based Lending Division, which diversifies lending facilities and opens fresh opportunities for becoming a trusted partner to businesses throughout California. The bank plans to open its eighth full-service branch in quarter four of the year and the new branch in Salinas expands its service reach within Monterey County.
During the quarter ending June 30, 2022, the Bank had a quarterly net income of $6.37 million, an increase of $984 thousand or 18% as compared to March 31, 2022.
