NAPA - Bank of Marin is consolidating its Napa Valley offices, closing the St. Helena branch April 29.
The Napa branches were formerly Charter Oak Bank which Bank of Marin acquired in February in a Federal Deposit Insurance Corp.-assisted transaction.
“Prior to when we acquired Charter Oak Bank, all employees were already working between the two branches, and after evaluating the costs of operating both offices, we’ve determined that consolidating our operations to the Napa office is the right decision,” said Peter Pelham, executive vice president and director of retail banking. “Customer service is our top priority and our staff is available to visit business customers throughout Napa County by appointment.”
Meanwhile, Bank of Marin Bancorp announced 2010 earnings increased 6.2 percent from the year before.
Earnings for 2010 were $13.6 million, an increase of $787,000 from $12.8 million in 2009.
Fourth-quarter earnings totaled $3.9 million, an increase of $1.1 million or 39.5 percent from $2.8 million at the end of 2009. Deposits grew $71.7 million, or 7.6 percent, over a year ago. Demand deposits grew $51.6 million or 22.4 percent over a year ago and comprised 27.8 percent of total deposits at Dec. 31, 2010.
In the fourth quarter, the bank declared and paid an increased quarterly cash dividend of 16 cents per share, up from 15 cents in the previous quarter.
Total loans reached $941.4 million on Dec. 31, 2010, representing an increase of $23.7 million or 2.6 percent from a year before.