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Umpqua Bank, a subsidiary of Umpqua Holdings Corp., opened its first branch in Santa Rosa last week. The new 4,600-square-foot office is located at 1322 Fourth St. It will provide mortgage, commercial and personal banking services as well as access to Umpqua Investments Inc.

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Bank of Marin Bancorp announced that its board of directors declared a quarterly cash dividend of $0.16 per share. The cash dividend is payable to shareholders of record at the close of business on Nov. 3, 2010, and will be payable on Nov. 12, 2010. The bank has paid a dividend for the past 22 quarters.

[caption id="attachment_13855" align="alignright" width="144" caption="Russell Colombo"][/caption]

"We are committed to sharing our success with the shareholders of Bank of Marin and are pleased to be able to increase our dividend this quarter,” said Russell Colombo, president and chief executive officer. “We continue to focus on consistent, conservative growth and are very pleased with our results.”

The bancorp also announced 2010 third-quarter earnings of $3.4 million, up slightly from $3.3 million in the second quarter of the year.

Earnings for the nine-month period ending Sept. 30 totaled $9.6 million, compared with $10.0 million for the same period a year ago.

Total loans were reported at $938.1 million, $18.3 million more than the same quarter last year.

Nonperforming loans were reported at $10.6 million for the quarter, down from $10.8 million at the end of the second quarter. Most non-performing loans were in construction.

Deposits reached more than $1 billion for the first time in the bank’s history.

“We have reached an important milestone of $1 billion in deposits, while continuing our solid and consistent level of earnings,” said Mr. Colombo. “This demonstrates the continued trust and confidence our customers have in Bank of Marin, as well as our application of conservative fundamentals, which has driven our success.”

Demand deposits were 27 percent of the total deposits.

“We are well-positioned to continue to expand our markets,” Mr. Colombo said.

Earlier this month the bank announced a new office in Santa Rosa. Mr. Colombo said he is excited about the opportunities in Sonoma County.

“We are confident about Sonoma despite the problems the county has had. We think there are a lot of business opportunities,” he said.

Bank of Marin stock is trading at $33.83 per share.

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Exchange Bank, headquartered in Santa Rosa, reported another profitable quarter – the sixth in a row since the losses and suspension of dividends a year and a half ago.

Net income for the quarter was reported at $3.14 million, up sharply from $816,000 in the same quarter of 2009.

Loans decreased 7 percent to $1.02 billion, including a $34.2 million allowance for loan losses.

Deposits decreased about 2 percent to $1.29 billion, from $1.32 billion the prior year.

Total assets were reported to be $1.51 billion, down slightly from the $1.57 billion reported the year before.

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AltaPacific Bank reported its ninth consecutive quarter of increased earnings. The Santa Rosa-based bank reported net income for the quarter totaling $260,000 and year-to-date net income totaling $658,000 for the period ending Sept. 30.

Total assets were reported at $78.97 million, an increase of 2.4 percent over the same period last year.

Total loans are $55.28 million, representing a 1.1 percent increase from the third quarter last year. Deposits were $51.84 million, roughly the same as last year.

The allowance for loan and lease losses totaled $1.32 million, 2.34 percent of gross loans. The total risk-based capital ratio totaled 40.7 percent, substantially exceeding the 10 percent minimum ratio for a well-capitalized institution.

“Many of our real estate clients have been able to successfully complete and sell their projects,” said Allen Christenson, chief financial officer of AltaPacific. “With the prolonged difficulties in our economy, clients are electing to delay new construction projects.”

“We continue to exercise discipline and patience in implementing our business strategy,” said Charles Hall, the bank’s president and chief executive officer. “We feel we are well-positioned for potential opportunities as we plan for our future and continue our search for appropriate acquisition targets.”

The company recently received final regulatory approval regarding the formation of AltaPacific Bancorp. The formation process is expected to be completed within the next 30 days. Furthermore, on Oct. 15, the bank received approval to become a member of the Federal Reserve System.

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Westamerica Bancorporation, parent company of Westamerica Bank in San Rafael, reported third-quarter net interest income of $56.7 million, down nearly 8 percent from $61.6 million reported in the same quarter of last year.

“Our operating expenses declined $600,000 from the prior quarter,” said David Payne, the president, chief executive officer and chairman of the bank.

Total assets were reported at $4.8 billion, a nearly 6 percent decrease from $5.1 billion reported last year at the same time.

Loans totaled $2.9 billion, about a 12 percent decrease from $3.3 billion last year. Provision for loan losses remained steady at $2.8 million.

Deposits were reported to be $4 billion, dipping about 2 percent from $4.1 billion the year before.

Westamerica recently purchased Sonoma Valley Bank in a regulator-assisted buyout.

“We were pleased to have deployed some of our excess capital during the quarter acquiring assets and assuming liabilities of the former Sonoma Valley Bank,” Mr. Payne said.

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[caption id="attachment_26562" align="alignright" width="108" caption="Robyn Zach"][/caption]

Redwood Credit Union recently welcomed Robyn Zach as branch manager for its San Rafael branch. In her new role, Ms. Zach will oversee service to members, staff management and all daily branch operations, as well as business development, community relations and local volunteerism efforts.

Ms. Zach comes to Redwood Credit Union with more than 17 years of financial services experience, with roles including banking center manager, premier client manager and mortgage loan officer with Bank of America. Ms. Zach is also involved in a number of community efforts and has volunteered her time with the California Academy of Sciences, the ASPCA, Habitat for Humanity, Meals on Wheels and Big Brothers Big Sisters.

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