Low interest rates affect El Dorado Savings’ bottom line
By Mark Glover, Sacramento Bee
Placerville-based El Dorado Savings Bank reported a profit of $2.1 million for the second quarter ended June 30, down nearly 10 percent from last year’s second quarter.
“The drop in earnings was due to the continued record-low interest rates available on new loans and investments,” said Thomas Meuser, chairman and CEO. “As older loans, bonds and securities continue to prepay, the funds are reinvested at shorter terms and lower yields.
“Loan volume is steady, but not sufficient to absorb the excess cash flow.”
Through six months this year, the bank had a profit of nearly $4.3 million, down slightly from $4.4 million in the first half of 2011.
El Dorado reported total assets of $1.77 billion and savings deposits of $1.58 billion as of June 30.
The bank operates 32 branches in California and three in Nevada.
Keep up the good work EDSB. That’s better than most of the nations banks I imagine.
EDSB and the Cook Family have been shining examples of hard work and high standards for decades in El Dorado County and beyond. Good guys do finish first!
Good going Terry Havens !!!
and Sherry Mlynsky too!
It is where we all should do are banking.
EDSB is an asset to our community and a shinning example of what customer service should be.
Everything I have ever seen in their financial statements and filings show that this bank is conservatively well-run.
Yes, Sherry is one of the employees to be thanked for continuing the quality service that EDSB has had for…gads…how long HAS it been…I remember when they were in the factory stores area at the Y.
Congratulations to everyone at EDSB, beginning with George Cook Sr. and Thomas Meuser and their management team right down to all of the employees at branch level! Locally, let’s not forget Donna Lightholder, another long time employee and current branch manager. Keep up the good work!