QualityStocks would like to highlight American Riviera Bank (OTCBB: ARBV). The company is a full service community bank, focused on serving the lending and deposit needs of businesses and consumers in our community. The bank was founded in 2006 by over 400 local shareholders and has one branch located at 1033 Anacapa Street in downtown Santa Barbara.
In the company’s news Friday,
American Riviera Bank announced record growth for the first quarter of 2009, posting a 65 percent annual growth in assets, hitting $131 million for the period ended March 31, 2009.
American Riviera Bank reported total loans of $91 million for the first quarter, up 35 percent, or $24 million from the same period last year, and 5 percent growth from year-end 2008. The bank said it yielded total deposits of $105 million for the first quarter, up 80 percent, or $46 million, from the first quarter of 2008, and a $20 million increase from year-end 2008.
“We are pleased to have the support of our community. This strong deposit growth allows us to continue to serve our clients by providing a safe alternative for their deposits while funding loans to qualified individuals and local businesses,” Jeff DeVine, the Bank’s president and CEO stated in the press release.
The bank’s higher-than-expected liquidity gives the company a long-term source for continued growth. Its short-term plan is to invest in high-quality, low-yielding investments, in order to reduce its net interest margin for the first quarter.
American Riviera Bank announced $7,000 in net income for the first quarter of 2009, and points out that it did not apply for or accept TARP or any other government subsidized capital infusions, and will continue to hold a steady financial position well above the 5 percent guideline for capitalized institutions.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
