El Dorado Savings banks on excellent reputation
February 10, 2010
El Dorado Savings Bank based in Placerville, Calif., reported earnings for 2009 at $10.7 million representing a 12 percent increase over 2008. In addition, El Dorado completed its 21st consecutive year without any foreclosed property on the books.
and#8220;We are very pleased with the strong performance of the bank, especially considering the challenging economic environment,and#8221; said Chairman and CEO, Thomas C. Meuser.
El Dorado ended the year with assets of $1,656,273,713, representing an increase of $36.4 million over year-end 2008. Savings deposits rose by $67.3 million, or 5 percent. and#8220;Many new customers moved their accounts to El Dorado Savings Bank during the year due to the ongoing volatility in the markets and the bankand#8217;s excellent reputation,and#8221; stated Meuser.
El Dorado was named one of the top 20 banks in the United States by the Weiss and#8220;Safe Money Reportand#8221; and also continued to receive the highest ratings from Bauer Financial, Veribanc and IDC Financial Publishing. When asked about El Doradoand#8217;s ability to maintain growth and profitability during difficult economic times, Meuser said, and#8220;We kept our focus on quality assets, while much of the competition became involved in sub-prime home loans or large commercial loans and real estate development loans. El Dorado lost some business during that period, but now we are experiencing the benefits of our long term strategy.and#8221;
El Dorado Savings Bank ended the year with Core Capital of $151.6 million, or 9.15 percent of assets, well above the 6 percent regulatory requirement for a and#8220;well-capitalizedand#8221; bank.
and#8220;Risk based capital,and#8221; which measures the quality of El Doradoand#8217;s assets, was 30 percent, three times the well-capitalized requirement of 10 percent and one of the highest ratios in the industry.
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El Dorado Savings Bank operates 32 branches in Northern California and three in Northern Nevada, including branches at 740 Lake Tahoe Blvd., Tahoe City and three in South Lake Tahoe.
and#8212; Submitted to the Sun