El Dorado Savings boasts strong 2010
El Dorado Savings Bank based in Placerville reported $10.9 million in after-tax earnings for 2010, representing a 2 percent increase over 2009. In addition, El Dorado completed its 22nd consecutive year without any foreclosed property on the books.
“We are very pleased with the strong performance of the bank, especially considering the challenging economic environment and weak real estate market,” said Chairman and CEO Thomas C. Meuser.
El Dorado ended the year with assets of $1,656,609,652 essentially the same as year-end 2009. Savings deposits rose by $42.7 million, or 3 percent, during 2010.
“New customers continued to move their accounts to El Dorado Savings Bank during the year due to concern about the economy and the bank’s excellent reputation,” stated Meuser. “Many individuals are now using the Internet to search out bank quality ratings and El Dorado’s top ratings from Bauer Financial, VeriBanc, and IDC Financial Publishing were beneficial in attracting new accounts.”
When asked about El Dorado’s continued success during these difficult economic times, Meuser said, “We have always concentrated on acquiring the highest quality loans and investments during our 53 years of operations, together with providing excellent service to our customers. This strategy has proven to be successful, even under the most challenging conditions.”
El Dorado Savings Bank ended the year with Core Capital of $157 million, or 9.48 percent of assets, which is well above the 6 percent regulatory requirement for a “well-capitalized” bank.
“Risk based capital,” which measures the quality of El Dorado’s assets, was 32 percent, over three times the well-capitalized requirement of 10 percent and one of the highest ratios in the industry.
El Dorado operates 32 branch offices in Northern California and three branches in Northern Nevada including branches in Placerville, Diamond Springs, Cameron Park, Pollock Pines, El Dorado Hills and Georgetown.