El Dorado Savings’ profits increase
El Dorado Savings Bank’s third quarter profits were 17 percent than a year ago.
The Placerville-based bank, which has branches in South Lake Tahoe reported profits this week of $2,704,532.
Earnings for the first nine months of this year total $8,606,106, compared to $6,145,993 in 2013.
CEO George L. Cook, Jr. attributes this to strong performance of the investment and real estate loan portfolios.
El Dorado ended the quarter with $1.88 billion in total assets and savings deposits of $1.68 billion.
— Lake Tahoe News staff report
Truth is El Dorado Savings pays no interest to account holders (OK, less than 1% interest.) How could it not make a profit when it essentially pays nothing to account holders. Wouldn’t you folks like to run a business where the product you sell or lease cost you nothing?
Way too simplistic, Beagle. Check the interest rates being paid by any bank. None of them is higher. But the expense of running the institutions, with all the government hoops and regulations to jump through, and the costs of employees, brick and mortar buildings, etc, continues, even though our Government & the Central Bankers are keeping interest rates artificially low. The banks can only charge a couple of percent interest on loans, how can they pay more to savers? They’d go belly up.
They are in business to make a profit, too, not to give it away. At least El Dorado still lets you talk to a human being instead of a machine. They’re one of the few who do. I am VERY happy with their service.