Profits down at El Dorado Savings Bank
By Mark Glover, Sacramento Bee
Placerville-based El Dorado Savings Bank reported a quarterly profit of $1.66 million for the three months ended March 31.
That was a 22 percent decrease from a profit of $2.13 million in the first quarter of 2012.
“The drop in earnings is the result of the low- interest-rate environment that has persisted now for over four years,” said Thomas Meuser, chairman and CEO. “Our higher-rate loans and investments continue to pay off, and the funds are reinvested at the current low rates, which puts pressure on our profit margin.”
Total assets as of March 31 were $1.83 billion, up from $1.76 billion in the year-ago period.
The bank operates 32 branches in California and three in Northern Nevada.
Best bank ever.
Hope they survive against the global corporates.
Its quite a conundrum.
Interest rates are too low. The Fed has to keep the rates low or the interest on the 17 TRILLION and grow federal debt will wreck us all.
Big Banks don’t rely on loans to real people to make the disgusting profit they make.
What to do.
However, ElDorado Savings Bank did make a 1.66 Million dollar profit in a 3 month period, so that’s 6.6 million a year.
Who gets the profit?
Its not like they are going Bankrupt
I agree with what Dougla Says !!!!!