American Riviera Bank is a full service bank offering lending and deposit services for community businesses and consumers in Santa Barbara, Calif. The company today 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.
â€œWe 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,â€ Jeff DeVine, the Bankâ€™s president and CEO stated in the press release.
The bankâ€™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.