Saratoga News

Business Briefs

Mustard Festival skips this year

The annual Mustard Festival at Savannah Chanel Vineyards, formally Saratoga Vineyards, will not be held this year.

Originally scheduled for the weekend of Feb. 15-17, the festival was canceled because property improvements are keeping the staff busy. "We just didn't think we could devote the time to the festival," one winery official said, "but it will be back next year."

Last year, wet weather kept many people from the popular wine-tasting extravaganza, but the festival still managed to attract more than 1,000 wine enthusiasts over a two-day period.

City Council declares a Claravale Dairy Week

The generosity of the cows at Claravale Dairy in Monte Sereno, and that of the workers and residents who have donated time, effort and money to save the dairy, were honored last week when the City Council declared Feb. 9-15 Claravale Dairy Week. Saratoga Mayor Gillian Moran presented the proclamation at last week's City Council meeting to Claravale Dairy Preservation Foundation President Randal Nelson, to Ron Garthwaite, adviser to the foundation, "and to the cows."

Nelson thanked all the residents who have donated money and announced that the foundation will go to escrow this week. So far, the foundation has raised more than $207,000 in cash and $200,000 in pledges to buy the dairy land. He also encouraged residents to visit the dairy and teach their children about its history during Claravale Dairy Week.

Thomas joins Home Mortgage Network as financial services officer

Norma Thomas has joined the Home Mortgage Network as a financial services officer. She will be based in the Saratoga Coldwell Banker office at 12029 Saratoga-Sunnyvale Road.

The Home Mortgage Network offers consumers the convenience of one-stop shopping for both a house and a mortgage from national, regional and local lenders, all from the Coldwell Banker real estate office.

Thomas has been in banking for 16 years, 10 of those in mortgage lending. She is a member of the Women's Council of Realtors and the California Association of Mortgage Bankers.

Saratoga Bancorp reports earnings up

Saratoga Bancorp, the parent company of Saratoga National Bank, reports increased earnings for the three and 12 months ended Dec. 31, 1996.

Net income for the 12-month period ending Dec. 31 was $1. 1 million or 96 cents per share, an increase of 25 percent, as compared to $881,000 or 82 cents per share in 1995. Net income for the quarter was $374,000, up 25 percent from $299,000 for the same period in 1995.

Assets as of Dec. 31 were $121.8 million, a 21 percent increase, compared to $100.5 million in 1995.

Deposits as of Dec. 31 were $89.4 million, up 19 percent, compared to $74.9 million in 1995.

Net loans outstanding at Dec. 31 were $52 million, an increase of 42 percent.

The company was able to pay two cash dividends during the 12-month period, a .075 cents per share dividend in March 1996, followed by a 10 cents per share dividend in November.

Saratoga National Bank operates offices in Saratoga, Los Gatos and San Jose.

Joyce Hlava named manager at Stanford Credit Union

Joyce Hlava, former Saratoga mayor and City Council member, has been named Internet business development manager for Stanford Federal Credit Union, which serves some 36,000 members of the Stanford University community.

"My charge is to make SFCU's Internet products available to credit unions and other financial institutions," Hlava said.

She most recently was president and chief operating officer of RJE Internet Services Inc. She has written articles on the Internet for Independent Banker and Financial Services Online magazines and has been a guest speaker at financial services conferences.

Hlava has also worked at Browning-Ferris Industries Inc. as Western region director of municipal marketing. She is a graduate of the University of Michigan.