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Sutter Community Bank Releases 2009 EarningsFebruary 24, 2010Sutter Community Bank released its 2009 audited earnings for the twelve month period ending December 31, 2009. Net earnings for the year were $62,328 as compared to a net loss of $1,090,435 for the same period in 2008, representing an increase of $1,152,763. "We are pleased with the Bank's income, considering the current economic conditions." said Kevin Ardolf, President and CEO of Sutter Community Bank, "Our focus on 'old-fashioned' banking has served us well. We have positioned our Bank for enhanced servicing income while enjoying some gain on sale on government guaranteed loans. Our guaranteed lending programs, SBA, FSA, USDA, have also reduced the risk in the loan portfolio." In the year-end report, Sutter Community Bank reported total assets of $62,691,954 at December 31, 2009, representing an increase of 8.6% over the December 31, 2008 asset total, $57,718,836. Deposits increased to $55,634,434 at December 31, 2009, from the December 31, 2008 deposit total of $50,744,165, representing an increase of 9.6%. Net loans increased 10.5% from the December 31, 2008 net loan total of $44,658,960 to a December 31, 2009 net loan total of $49,350,966. Sutter Community Bank added $1,022,500 to their Allowance for Loan and Lease losses for 2009. "We are particularly proud that Sutter Community Bank continues to meet our communities financial needs and maximize our lending by making business and agricultural loans right here at home", continued Ardolf, "While a number of banks are seeking alternative income sources, we feel the role of our bank is to really assist our community's families, farms and businesses through loans that help them fulfill their needs and business models." continued Ardolf, "That is the core responsibility of a Community Bank." Sutter Community Bank's stock is traded under the symbol of SUTB. The Bank is located in downtown Yuba City at 700 Plumas Street. For more information, please contact Kevin Ardolf at 530-674-8900, or visit our website at www.suttercommunitybank.com Wall Street JournalAugust 27, 2009By Jon HilsenrathThe Federal Reserve has issued warnings to Americans in recent years to be on guard against identity theft and guidance to banks on how to address it. It turns out the Fed chairman himself, Ben Bernanke, has fallen victim to an identity-theft ring. Last August, Mr. Bernanke's wife, Anna, was sitting in a Starbucks coffee shop on Capitol Hill in Washington, D.C., when her purse was stolen. It contained personal checks, four credit cards and personal identification, according to a theft report first reported by Newsweek magazine. A few days later, George Lee Reid allegedly walked into a Bank of America branch in Hyattsville, Md., according to a complaint filed in Washington, D.C., Superior Court. The complaint says he deposited a $900 check under the names of Mr. and Mrs. Bernanke into a third person's account and then withdrew $9,000 from that person's account, having stolen that person's identity, too. "Identity theft is a serious crime that affects millions of Americans each year," Mr. Bernanke said through a Fed spokesman. "Our family was but one of 500 separate instances traced to one crime ring. I am grateful for the law-enforcement officers who patiently and diligently work to solve and prevent these financial crimes." Mr. Bernanke and his wife filed a police report when the purse was stolen and alerted the bank and the credit-card companies. When they spotted unusual bank transactions, they reported it to the bank. They didn't lose any money as a result of the theft. The Fed chairman was following his own advice. In a brochure circulated by bank regulators in December, the Fed and other government agencies warned, "If you fall victim to identity theft, act immediately to protect yourself. Alert your financial institution." Spokesmen for U.S. Special Service and U.S. Postal Inspection Service are still pursuing the case. At one point, according to a complaint filed in U.S. District Court in Alexandria, Va., Mr. Reid was in custody and confessed to making as much as $50,000 a day on the scams. It isn't clear where he is now. An arrest warrant for Mr. Reid is outstanding. A phone call to the home of an individual named George Reid at the address listed on the arrest warrant wasn't picked up. A phone call to Mr. Reid's court-appointed attorney wasn't immediately returned. The case is part of a wider identity-theft ring that began in early 2007 and continues, according to U.S. attorneys, who filed a complaint against Mr. Reid and eight other individuals in a U.S. District Court in Alexandria in June. "The basis of the scheme was to use stolen personal identifying information, bank and bank record information, personal checks, and other access devices belonging to individual victims, to impersonate those victims at various bank branches throughout the country," the complaint said. The group has used different approaches to stealing information, the attorneys said, from pickpockets, to stealing mail, to planting people at businesses where they might have access to personal information. One of the alleged ringleaders, Clyde Austin Gray Jr., was nicknamed "Big Head." CLICK HERE to learn more about Identity Theft and the steps to take if you become a victim. Sutter Community Bank Announces Ardolf New President, CEOFOR IMMEDIATE RELEASEYUBA CITY, California (May 13, 2009) -- Sutter Community Bank has announced the promotion of Kevin Ardolf to the position of President/CEO. Ardolf will oversee all functions for the bank and serve on their Board of Directors. "We are glad that Kevin has accepted the President/CEO position," said Rob Ryan, Sutter Community Bank Chairman of the Board. "His business instinct and natural leadership ability is a valuable asset to our organization and the communities we serve as he helps us manage the connections between the financial resources provided by the bank's team and our customers." One of the original organizers for Sutter Community Bank, Ardolf recently held the position of Chief Credit Officer for the bank. Ardolf has 28 years of experience in the financial services industry, serving in bank positions ranging from bank regulator, to loan officer and Chief Credit Officer. A Minnesota native, Ardolf currently resides in Browns Valley, CA with his wife and son. He received his bachelor's degree from National University while serving in the US Marine Corps at Camp Pendleton, near San Diego, and later received an MBA degree from the University of Minnesota. A relationship-oriented banking professional, Ardolf remains committed to ensuring that Sutter Community Bank continues its history of excellent service and putting the customer first. According to Ardolf, "Sutter Community Bank will continue to be the local bank business owners and individuals can count on for the best in financial services. It is our intent to maintain involvement in our communities and dedication to the customers served throughout the Yuba-Sutter region." Formed in 2006, Sutter Community Bank is the home to many of the region's favorite local bankers, and boasts over 384 years of combined banking experience. Sutter Community Bank is located at 700 Plumas Street in Downtown Yuba City. Sutter Community Bank NewslettersDownload or view the Sutter Community Bank Annual Reports in Adobe PDF format. (You can download the free Adobe Acrobat Reader by clicking here.) |
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