Earnings from Circle, North Valley, Bank of Napa, Atlantic PacificThomas Duryea, the president and chief executive officer of Summit State Bank, headquartered in Santa Rosa announced the promotion of Linda Bertauche as chief operating officer.

Ms. Bertauche has more than 30 years of banking experience and joined the bank four years ago as a compliance officer and vice president and was later promoted to senior vice president. Local to the North Bay, Ms. Bertauche grew up in San Rafael and currently lives in Healdsburg.

“Her leadership and diligence will continue to be invaluable to our growth and success rate in 2009,” said Mr. Duryea.

Summit State appointed Nick Rado, vice president of North Bay Construction, to its board of directors. Mr. Rado is a 30 year resident of Sonoma County. His background is in engineering and contracting and he was named contractor of the year in both 1991 and 1996 by the Engineering Contractors Association.

The chairman of the board of Summit, John Lewis, said, “There couldn’t be a more opportune time to welcome Nick Rado to our board of directors. Mr. Rado’s experience will be an asset to our continued success in the Petaluma community.”

Summit State’s total assets were $364 million as of December, an increase of 24.1 percent from the year earlier.


North Valley Bancorp, holding company for North Valley Bank, reported a net loss for the year ending 2008 of $1.7 million. Total assets reported at the end of 2008 were $879.5 million, down from $949 million at year end in 2007. Total deposits grew by 2.5 percent or $18.2 million to $754.9 million. Nonperforming loans totaled $18.9 million, an increase of $17.1 million from 2007.

“The credit crisis and weak economy has challenged all banks and impacted our operating results,” said Michael Cushman, president and CEO of the bank headquartered in Redding. The bank has offices in Santa Rosa, Sonoma and Vacaville. “We continue to work hard to reduce our nonperforming loans. ...Our credit team continues to work diligently on identifying and resolving risks in the loan portfolio, while remaining focused on customer service.”


Novato-based Circle Bancorp, parent company of Circle Bank, reported a 71 percent increase in net income in 2008 as compared with 2007.

Total assets were reported at $253 million, up 11 percent from the end of 2007. Kim Kaselionis, president and CEO said, “We are pleased with our continued success both in terms of our profitability and our ability to make sound financial decisions. Circle Bank remains committed to the community by providing capital to local businesses to help them though this very tumultuous time.”

Ms. Kaselionis is the 2009 president of the Novato Chamber of Commerce.


Community First Credit Union in Santa Rosa reported making $46 million in loans in 2008. Its deposits were up by $4.6 million in January, the third best month in the financial institution’s 48 year history.

“We keep hearing that credit markets are frozen, but we think it still makes sense to reinvest in the local community where our members have jobs, homes and businesses, and where their children attend schools,” said Todd Sheffield, Community First’s CEO.

Total assets were up 6.45 percent in 2008 compared with the previous year. Members have reached 11,163, an increase of 1.55 percent since 2007.

Community First has a community charter, making loans and taking deposits in Sonoma and Mendocino counties only.


Atlantic Pacific Bank reported total assets to be $54.8 million at the end of 2008, up from $42.7 million at the end of 2007.

Charles Hall, president and CEO of the Santa Rosa bank said, “It has been very exciting to see our bank achieve this rapid level of success, particularly during these troubled economic times. Atlantic Pacific Bank continues to be well-capitalized with a total risk-based capital ratio in excess of 54 percent, which substantially exceeds the 10 percent regulatory requirement for a well-capitalized institution.”

The bank has elected to participate in the Federal Deposit Insurance Corp.’s Temporary Liquidity Guarantee Program that provides increased insurance coverage for certain types of deposits.


Bank of Napa reported total assets at year end to be $60.9 million, a $17.2 million increase from the year before. The bank reported a net loss of $1.4 million for 2008, down 31 percent from 2007.

Tom LeMasters, the Napa-based bank’s president and chief executive officer said that “despite a very difficult national economy, we achieved notable financial improvement. This past year we experienced significant growth, and made substantial progress towards attaining profitability.”

Total loans for the year were $46.6 million, up from $12.2 million the year before. Deposits were up $18.2 million, reaching $43.7 million at year end. The bank’s loan loss provision was $528,000, 1.1 percent of total loans. Mr. LeMasters said “We believe, given the state of the economy, that increasing our reserves is prudent and further strengthens our balance sheet.”


Submit items for this column to Jenna V. Loceff at jloceff@busjrnl.com, 707-521-4259 or fax 707-521-5292.