| As President and Chief Executive Officer of Pacific State Bank, I am pleased to announced record earnings for the year ended December 31, 2000. Pacific State Bank’s net income for 2000 was $1,009,000 or $1.35 per diluted share, compared to $743,000 or $1.08 per diluted share in 1999, an increase of 35.8%. Total assets at December 31, 2000 increased 9.2%, from $104.3 million to $113.8 million. The Bank’s loan portfolio grew by $10.8 million, from $71.8 million to $82.6 million, an increase of 15.0% for the same period. Deposits also increased in 2000 to $104.7 million, or 8.4%, compared to $96.6 million at December 31, 1999.
Pacific State Bank has established itself as a leading community bank in the San Joaquin, Stanislaus, Calaveras and Toulumne Counties and is poised to continue the solid asset and earnings growth going into 2001.
We at Pacific State Bank had other memorable events in the year 2000. Max Freeman was elected as a new Board of Director, Carmela Johnson was selected to become Senior Vice President/Chief Financial Officer, and for the first time the Bank earned over $1,000,000. Two new services were ushered in; Executive Banking, a full service, online cash management program and TeleWave Banking a 24 hour telephone banking product for Pacific State Bank customers. As we begin 2001 we are confident in our market share and looking forward to another successful year.
I am pleased to report that plans are complete for Pacific State Bank’s new office in Groveland. Construction will begin in March of 2001 and finish prior to year’s end. John Saccone and Sons has been selected as General Contractors. Saccone and Sons is a local firm with over 50 years experience in commercial and residential Real Estate projects throughout our service areas. The Bank has secured a site in Angels Camp, the only incorporated community in Calaveras County, and will begin construction of our new branch this summer. I encourage you to view Clinton Jew’s architectural drawings of our new branches. Mr. Jew is also working on enlarging our Modesto offices. Preliminary drawings of this remodel can also be viewed.
Pacific State Bank maintains two Branch offices in Stockton with its Main Office located in the heart of Stockton and Branch offices in Angels Camp, Arnold, Groveland, Modesto and Tracy. The Bank’s strategy is to provide quality financial services to small and middle market commercial businesses, real estate construction, mortgages and development companies and individuals, executives and professionals located in our market communities. Pacific State Bank is a national leader in the underwriting of U.S. Department of Agriculture Business and Industry loans. Pacific State Bank was heralded as a ?Preferred Lender? for this program. The Bank also provides Farmer Service Agency loans, Farmer Mac I & II loans, part-time farmer mortgages and Small Business Administration 7A and 504 loans.
Up and Coming Events:
May 10, 2001 – Annual Share Holders Meeting
May 25, 2001 – Annual Memorial Day, Pacific State Bank barbeque at all branches.
All of us at Pacific State Bank look forward to serving our local communities in the year to come.
Sincerely,
Steven A. Rosso
President & CEO, Pacific State Bank
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