El Dorado Savings Bank saw robust profits in first half of year

Published: Thursday, Jul. 24, 2014 - 3:12 pm

Placerville-based El Dorado Savings Bank, which operates 32 branches in California and three in northern Nevada, reported a profit of nearly $2.8 million in the second quarter of this year, a nearly 30 percent spike over last year’s second-quarter net income of $2.17 million.

Through six months this year, profits totaled $5.9 million, a 54 percent improvement over $3.83 million in the same year-ago period.

In a statement accompanying the quarterly financial report, CEO George L. Cook Jr. said “higher rates on new loans and investments improved the bank’s profit margin.”

The bank also noted that it ended the first half of 2014 with no foreclosed properties on the books.

Call The Bee’s Mark Glover, (916) 321-1184.

Read more articles by Mark Glover

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