Saratoga News

Business Brief

SNB announces quarterly report

Saratoga Bancorp, the parent company of the Saratoga National Bank, has released its financial report for the quarter ending March 31. Net income for the company was $417,000, or 34 cents per share, which is up 49 percent from last year. Assets were $131,999,000, up 7 percent from the same period last year. And deposits increased 3 percent.

The company also announced a 10-cent-per-share cash dividend to shareholders, paid April 14.

Saratoga Bancorp's board of directors also recently declared a 3-for-2 stock split for shareholders of record on April 15 of this year. Company officials say the decision to declare the split reflects the company's continued growth and strong performance.

Richard Mount, chairman of Saratoga Bancorp's board, said the stock split will provide improved market liquidity and make the stock more accessible to more investors.

As a result of the split, shareholders will receive an additional share of stock on May 1 for each two shares owned.

Saratoga Bancorp currently has 1,095,275 shares outstanding.

Saratoga National Bank, which celebrated 15 years of business this year, has offices in Saratoga, Los Gatos and San Jose.

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