North Bay Business Journal

Summit State declares cash dividend

SANTA ROSA — Summit State Bank reported a quarterly cash dividend of 9 cents per share on the company’s common stock.

Spotlight: Leaders in Commercial Banking

(Listed alphabetically by name)

Banking & Finance: North Coast banks report improved earnings

Westamerica Bancorporation’s fourth-quarter earnings were $58.9 million, up from $49.9 million for the same quarter the year before. Net income for the year was $121 million, a jump from $59.8 million in 2008.

Summit State Bank reports earnings of $2 million for ’09

SANTA ROSA – Summit State Bank reported a net income of $2.08 million for 2009, a more than 100 percent increase from the $1 million earned the year before.

Bank earnings from around North Bay

NORTH BAY – Many North Bay banks are maintaining strength in their income statements even in the down economy that executives said is extremely challenging.

Banking column: Officials say banks likely to take losses on $19.2 million in Carinalli loans

Banks will likely end up taking losses on a large portion or all of the $19.2 million in unsecured and under-secured loans made to long-time Sonoma County real estate investor Clem Carinalli.

Nine of the 14 financial institutions named in the recent U.S. Bankruptcy Court filings have unsecured loans and three are headquartered locally.

BANKING: Banking veterans in SBA, lending make moves

Also: Ex-Prudential executive joining Redwood Trust Inc.

Banking & Finance: Hennessy Advisors adds Japan funds; new branches for Summit, Bank of Marin

Hennessy Advisors, the Novato-based investment advising firm, continues growth with the acquisition of assets of two Sparx Japan funds, which have roughly $65 million in assets.

Banks must pay higher FDIC fees

NORTH BAY – Banks are facing a one-time increase in their insurance premiums to shore up the Federal Deposit Insurance Corp., a move experts are saying will further inhibit lending.

Banking & Finance: Atlantic Pacific Bank to present new name for shareholder approval

Atlantic Pacific Bank is proposing to change its name to AltaPacific Bank, and will present the name for approval to shareholders at its May 16 meeting.

Banking & Finance: Summit State Bank appoints COO, new director

Thomas 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.

Banking & Finance: Burr Pilger, Vista Wealth Management merge

Burr Pilger Mayer announced a move toward more offerings for clients via a merger with Vista Wealth Management in Palo Alto.