El Dorado Savings’ quarterly profits decline
El Dorado Savings Bank reported first quarter profits of $2,991,623, which represented a 4 percent decrease compared to the same time a year ago.
“The decline in earnings is the result of the drop in interest rates that began late in 2014,” CEO George Cook Jr. said in a statement. “While loan volume has increased, the lower rates on new loans and investments caused a reduction in the bank’s profit margin.”
El Dorado ended the quarter with $1.93 billion in total assets and savings deposits of $1.72 billion.
The Placerville-based bank operates 35 branches, 32 in California and three in Northern Nevada.
— Lake Tahoe News staff report
The Feds are making it increasingly more difficult for small, community banks to survive.
Support your local bank.
It’s not just community banks being hurt. Big Business – Big Government Crony Capitalism is destroying what made America great.
Carly Fiorina makes a lot of sense as she attacks the issue here-
http://www.nationalreview.com/article/417819/railing-against-crony-capitalism-carly-fiorina-makes-her-case-joel-gehrke
Support free enterprise – fight the cronies
After 30 years at El Dorado Savings, I switched last year to Bank of the West. Higher interest, more benefits, better deal.