Mission Valley Bank is celebrating another record quarter for earnings, compared to this time last year.
Mission Valley Bancorp, the community oriented bank with three location in Sun Valley and Santa Clarita Valley, reported record earnings for the first quarter of 2014.
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The bank earned $360,000 through March 31, said President and CEO Tamara Gurney, which is up by 13.4 percent last year’s record earnings during the same period.
“I am pleased to report that Mission Valley Bancorp is off to a strong start for the first quarter of 2014…” she said. “This follows year over year results of $1.87 million at December 31, 2013 as compared to $1.06 million for the same period in 2012.”
Mission Valley Bank survived the Great Recession as a relatively new business, having opened in 2001.
The recession taught their employees to do more with less and learn how to operate more efficiently, Gurney said.
“We have successfully streamlined operations and reduced expenses while still supporting production and maintaining an unmatched level of client service,” she said. “While this was not an easy task, we are now beginning to realize the benefits of our efforts.”
Recently, Mission Valley Bank has sought to diversify revenue and strengthen earnings by building the organizations less traditional service channels. This includes successfully expanding the Bank’s Small Business Administration Lending and Merchant Bankcard Processing Divisions, as well as continuing to focus on Accounts Receivable Financing.
“Just as the economic uncertainties of recent years have prompted businesses to rethink how they operate,” Gurney said, “at Mission Valley we have learned that in order to continue to succeed we must also continue to rethink and adjust how we can best serve our clients in order to grow both their businesses and ours.”
For more information about Mission Valley Bank and the services they offer, click here.
About Mission Valley Bank
Mission Valley Bank is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses in the San Fernando and Santa Clarita Valleys. The bank was chartered in July 2001, with a vision of local ownership and a commitment to providing financial solutions to meet the needs of its clients.
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Source: Santa Clarita News