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Santa Cruz County Bank completes Lighthouse Bank acquisition

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Santa Cruz County Bank completes Lighthouse Bank acquisition

Santa Cruz County Bank completed its acquisition of Lighthouse Bank on Oct. 18, the company announced in its third-quarter earnings release.

The merger of the two Santa Cruz, Calif.-based community banks will result in a company with total assets of $1.02 billion as of June 30, based on S&P Global Market Intelligence data. Founding Lighthouse Bank directors John Burroughs, Craig French, Stephen Pahl and James Weisenstein joined Santa Cruz County Bank's board, and Lighthouse Bank President Jon Sisk joined as regional president, according to a separate news release.

Santa Cruz County Bank reported third-quarter net income of $3.0 million, or $1.22 per share, up from $2.9 million, or $1.19 per share, in the year-ago period. The bank incurred merger-related expenses of $306,657 in the quarter.

Net interest margin for the quarter was 4.76%, a decrease from 4.82% in the previous quarter but an increase from 4.65% in the year-ago period.