El Dorado Savings making leadership changes
By Kathryn Reed
In this era of corporate banking and corruption, one bank has held true to its roots – El Dorado Savings Bank.
A lot has to do with the fact that members of the Cook family are still at the helm of the Placerville-based institution. It was George Cook Sr. and members of the Warren family who founded the bank in 1957. Cook still works in Placerville three days a week.
In the past 56 years the bank has grown to have 35 branches, including three in South Lake Tahoe, one in Tahoe City, one in Carson City, one in Gardnerville and one in Sparks.
El Dorado Savings has three branches in South Lake Tahoe. Photo/LTN
The bank is a closely held company with about 180 stockholders.
On Jan. 1 a bit of musical chairs will take place in the front office for the first time in years. But those accessing the branches should not notice any changes.
George Cook Jr., who has been president of the bank for the last 23 years, will become CEO. Tom Meuser is stepping down as CEO, but will remain chairman of the board. Meuser is planning to work three days a week.
Cook has been with the bank for 40 years and Meuser 45 years, with the last 23 as CEO.
John Cook moves from senior vice president, chief appraiser, and facilities manager to president of the bank. He has been with the bank 34 years.
(John and George Cook are brothers.)
El Dorado Savings Bank has weathered the tumultuous financial times of the past few years. While it has had to deal with foreclosures, it is not in a precarious situation like other institutions.
“I’m pleased to report we currently do not have any real estate owned on our books and at the end of the year we will be without any on our books,” John Cook Jr. told Lake Tahoe News. “To be able to end the year without any foreclosures on the books is pretty darn good.”
In its last earnings report for the quarter ending Sept. 30, El Dorado Savings Bank earned $2.3 million. For the same quarter in 2012 the earnings were $1.9 million. El Dorado Savings Bank has approximately $1.9 billion in assets.
Cook said there have been plenty of positive signs in 2013 in terms of the real estate market improving and bank finances stabilizing.
In June, Bauer Financial Reports of Coral Gables, Fla., awarded El Dorado Savings Bank its highest five-star rating for being one of the safest banks in the U.S. for the 80th consecutive quarter dating to 1993.
Very pleased to hear this. Thank you and stand strong.
I hope they keep doing what they’ve been doing. Their style may be old fashioned, but it works! Best bank ever!
Hear that Usbank,Wells Fargo!
I don’t understand the attraction. I walked into El Dorado with $100k in cash and a paid for lot. I wanted a construction loan. I listened to their loan officer tell me for 30 minutes how hard it is to do the paperwork for a construction loan. I will never get that 30 minutes of my life back. I went to U.S. Bank and closed in less than 30 days. I have purchased two more homes since then and all with U.S. Bank. They don’t mind doing the work.
It is a nice thing when you walk into your bank and everyone there knows your name. Your kids go to school with their kids, they are your neighbors and you trust them. Thats what we get at El Dorado Savings and we are so glad that thet are thriving.
I bought a property that El Dorado S&L had foreclosed on in 1986. It was a great buy and pretty much the only trustee sale the bank has ever had.
I love this bank. It’s straight forward in how they deal with things. I love the access in town here in Lake Tahoe and also being able to have access as I travel down Hwy 395 to So. Cal. They have always done a great job for our family.
Best Bank EVER!!! I opened an account with them when they opened in the 80’s in Tahoe City. I use the Al Tahoe branch now where I am a friend, not a face. I returned to the Tahoe city branch last month after not being there for about 7 years. I did not have my ATM card and wanted some cash. The teller was new. She asked for ID and every employee there came forward and told her no ID needed, “Welcome home! How is the wife, how is life in South Shore, etc…? Spent way too much time catching up with my “old” friends from the Tahoe City branch, but it sure felt good. The bank has always supported me and stood behind me, even when I have had international banking problems in Brazil and China. Always ready to help and solve whatever problem you may have. A big THANK YOU to El Dorado Savings and may the ole fashion neighborhood bank always prevail.