Folsom Bank enjoys first-half profit
Folsom Lake Bank earned $61,038 in the first half, up from a loss of $543,084 for the first six months of 2009.
The 2007 startup ended June 30 with $113.9 million in assets, up 46.9 percent from $77.5 million a year earlier.
In the second quarter, the bank earned $16,311, compared to an $81,000 loss for the same time last year.
“We are very pleased that the operations of the bank continue to progress as envisioned in our original plan for a classic community bank no fax pay day loan. The bank continues to enjoy steady and manageable growth and a profitable operation during the first six months of the year,” said Robert Flautt, chief executive officer, in a news release.
The bank launched in April 2007 with 406 local investors.
The Folsom-based bank also has a Roseville branch, which it opened last year.
Filed under: news by John