Again exceeding its financial goals, American Riviera Bank posted very strong results in the first quarter of 2008, bank president David Duarte announced Friday.
American Riviera Bank, which opened in July 2006, ended the first quarter with total assets exceeding $79 million — a 62 percent increase over total assets as of March 31, 2007. In the same time period, loans increased 40 percent to $67.1 million. The bank has no problem loans and has never engaged in subprime lending.
Deposits grew by $31 million, or 114 percent, from a year earlier. Duarte attributed the growth to the Santa Barbara community’s appreciation of quick and flexible responses to loan requests and the bank’s experienced and knowledgeable bankers. The bank has had a very positive response to its Remote Deposit Capture product and looks to market this product aggressively in the second half of the year.
American Riviera Bank, 1033 Anacapa St., opened July 18, 2006, in Santa Barbara’s historic downtown across from the Courthouse. Under the stock symbol ARBV.OB, the bank’s stock is traded through Stone & Youngberg and Wedbush Morgan Securities.
Click here for more information or call 805.965.5942.