It’s been a year of change for the Community Bank of Santa Maria. But that isn’t necessarily a bad thing.
In fact, since the firm completed the sale of its Lompoc branch on May 18, net income increased by more than 130 percent, according to Janet Silveria, the bank’s president and CEO. The agreement between Bank of Sierra and Community Bank of Santa Maria gave the former an estimated $35 million in deposits and “certain assets” of the Lompoc branch, according to a statement issued by the two parties on Jan. 23 of this year.
This July, the Santa Maria Bank announced it netted approximately $815,000 in one-time net earnings from the sale.
Silveria at the time called the Lompoc branch’s sale a “strategic move to divest of a division that was underperforming bank goals” and that it allowed the company to “focus on their primary Santa Maria Valley” market.
“Community Bank of Santa Maria has experienced tremendous growth in loans and deposits in our primary market of Santa Maria,” she said in a statement. “This move provides us the opportunity to focus all our bank resources on that niche market and improves the overall financial strength of the organization.”
The strategy appears to be working, at least for now. In May, The Findley Reports, an organization that analyzes financial institutions, their performance, and the California banking industry, named the Santa Maria firm as one of the “premier performing” banks in the state.
“We believe that says a lot about our local economy and its direct reflection on a true community bank like ours,” Silveria said in the statement, adding 2017’s year-end financial statement showed a “significant” increase in net profits.
The Findley Reports is published by The Findley Companies, based in Anaheim. It evaluates banks based on their growth, returns on equity, net operating income as a percentage of average assets, and loan losses as a percentage of gross loans.
“Community Bank of Santa Maria and the local community continue to support each other,” Silveria said. “As the only locally owned bank headquartered here in Santa Maria, we’ve been able to provide unmatched personal service, and our customers have quick access to decision makers.”
The bank opened for business in March 2001 and currently employs 55 people in two locations in Santa Maria.
Highlights:
• The number of commercial cannabis use licenses in Lompoc is up to three, according to city staff. At least two of the licenses allow the purchase and consumption (whether by eating, smoking, or drinking) of marijuana on site. “The rest [of the applications for licenses] are making their way through the process,” a city spokesperson told the Sun.
• On July 26, the Buellton Visitors Bureau unveiled its new website and “destination brand” at the Parks Plaza Theater. The new website is buellton.org.
• Pasadena-based Blaze Pizza will now serve hot, fresh pies at another Central Coast locale. The artisanal pizza chain opened a 2,500-square foot open kitchen at 1405 H St. in Lompoc (near the Holiday Inn and Panda Express). “Our mission at Blaze is really simple–we’re taking pizza back to its roots,” stated Jim Mizes, president and CEO of Blaze, said in a statement. “By making dough in-house, using carefully sourced ingredients, and cooking by fire, we’re giving guests a great way to enjoy artisanal pizza without the wait.” This will be the fifth Blaze Pizza to open on the Central Coast; the chain also has stores in San Luis Obispo and Santa Maria. “We are excited to expand in the Central Coast market, and we are pleased to be a part of the wonderful community culture of Lompoc,” Lompoc’s Blaze Pizza Franchise owner Martha Olmos said in a statement.
• Santa Maria’s Recreation and Parks Department is hosting a free Family Play Day on Thursday, Aug. 2, from 11:30 a.m. to 1:30 p.m. at Grogan Park, 1155 W. Rancho Verde, Santa Maria. According to a city spokesperson, attendees will enjoy “free games, crafts, and bounce houses.” American General Media will provide music sponsored by No Kid Hungry Campaign. The Foodbank of Santa Barbara County will provide a free lunch to youth ages 1 through 17 years old while supplies last. Questions can be directed to the Recreation and Parks Department at (805) 925-0951, Ext. 2260.
Staff Writer Spencer Cole wrote this week’s Biz Spotlight. Information should be sent to the Sun via fax, mail, or email at spotlight@santamariasun.com.
This article appears in Aug 2-9, 2018.