Summit State Bank (Nasdaq: SSBI) delivered 165 checks totaling more than $277,694, or 8.4 percent of its net profit after taxes, to its nonprofit customers through its Nonprofit Partner Program, the bank announced.
Some of the recipients include: United Way of Wine Country, Legal Aid of Sonoma County, Farm to Pantry and Latino Service Providers.
Summit’s Nonprofit Partner Program provides an annual cash contribution to its nonprofit customers based on average annual account balances. This contribution is above and beyond normal community giving, sponsorships and volunteering that Summit provides during the year.
“We are very proud of the relationships we have built with our Nonprofit Partners and are pleased to announce that we have increased the rate from 0.75 percent to 0.95 percent on non-interest bearing operating accounts. We believe it is important to give back to the local community we serve and reinvest our dollars for the betterment of our community. Building a better Sonoma County, that’s our business,” said Jim Brush, president and CEO.
Sonoma Councilmember and food truck owner Rachel Hundley announced that Drums & Crumbs will cease to operate at the end of March.
Her business partner is moving away, and Hundley is going to focus on her municipal law practice and commitments as a member of the Sonoma City Council.
The business has been listed for sale, with or without the food truck.
Hennessy Funds announced that the Hennessy Gas Utility Fund (Investor Class: GASFX) has received the 2018 Lipper Fund Award for best-in-category performance for the 10-year period ended 11/30/17 among 14 Utility Funds.
The investment group stated that this marks the seventh consecutive year that the Hennessy Gas Utility Fund has received a Lipper Fund Award. Lipper Fund Awards honor funds and fund management firms that have excelled in delivering consistently strong risk-adjusted performance relative to their peers.
The Sonoma-Marin Area Rail Transit (SMART) District earned an “A” rating from Fitch Ratings.
Fitch is among the top three nationally recognized credit ratings firms. The commuter rail agency stated SMART’s strong economic base and strong revenue growth prospects, balanced against moderate long-term liabilities were key factors in the rating. SMART’s service runs from Santa Rosa near the Sonoma County Airport, to downtown San Rafael. Construction is currently underway on SMART’s extension to Larkspur, which will be completed by the end of 2019. SMART is also planning to expand its service further north to Windsor, Healdsburg and Cloverdale, the agency stated.
Wine Institute trade group has partnered with Broadcast Music Inc., a music rights management firm, to develop a music licensing discount program for its members.
The institute, which represents California wineries, said the initiative will help vintners comply with copyright law and ensure that BMI’s affiliated songwriters and composers are compensated for their musical works.
Wineries will be eligible for up to a 10 percent discount on BMI music licensing fees. When combined with another discount already included for bars and restaurants, Wine Institute members can save up to 20 percent.
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