Turning a Profit at Last
Community Bank of the Bay, Oakland, CA, recently announced that for the first time in its 8-year history, the bank ended 2004 with a profit. The bank earned $66,000 during the year. It had $33 million in deposits, and $41 million in total assets compared to $35 million in deposits and $37 million in assets for 2003, a year when the bank had a $735,000 loss. The bank markets to small-to-medium-size businesses that want a bank more in line with their own size. It has received praise in that area of the country for the Oakland 1st Fund, which promises to use designated deposits only for loans made exclusively in Oakland.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 4, 5/05
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