Banking on success – Citizens marks anniversary with record performance |

Banking on success – Citizens marks anniversary with record performance

Citizens Bank of Nevada County celebrated its 10th anniversary Tuesday by announcing record earnings for the fourth quarter and year ended Dec. 31.

Judy Hess, president and CEO of the bank, attributed the performance to “continued strong demand for construction and commercial real estate loans – core lines of business.”

Citizens Bancorp, holding company of the bank, said it earned $1,746,000, or $1.14 per diluted share, for the year, a 74.5 percent increase over the $1,001,000, or 65 cents per diluted share, earned in 2003.

For the fourth quarter, the bank earned $404,000, or 26 cents per diluted share, a 13.6 percent increase from the $355,000, or 23 cents per diluted share, earned in the year-earlier period.

Total assets increased 22.4 percent to $174.6 million, and loans now total $149.3 million, a 38.1 percent increase from 2003.

Citizens, which was founded Feb. 8, 1995, has two branches in Grass Valley, and one each in Nevada City, Penn Valley and Lake of the Pines.

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