| Fremont
Bank Reports Strong 2010 Earnings Performance; Remains Financially
Resilient in Uncertain Economy Significant increases
in its net income, core deposits and mortgage servicing portfolio
further advances bank's goals to service its clients and communities
FREMONT, California - March 8, 2011 - Fremont Bank, a leading
full-service community bank based in Northern California, recently
reported its 2010 financial results.
Highlights include (2010 vs. 2009):
- Net income of $30 million—an 84% increase
- Funded $4.5 billion in residential mortgage loans—Bank’s
second best year ever
- Over the past two years, Fremont Bank has helped more than
30,000 families finance or refinance their homes to take advantage
of the historically low interest rates
- 9.7% increase in deposits
- .84% ROA vs. .49% in 2009
- Grew loan servicing portfolio by $1 billion to $6.2 billion
- Branch network achieved nearly 10% new client growth
- Demand deposits (i.e. all non-interest bearing checking accounts)
increased 12.7%
- Increased reserves for loans losses and maintained capital
levels well above regulatory standards for a well capitalized
bank
The complete FDIC call report and Uniform Bank Performance is available
at: https://cdr.ffiec.gov/public/ManageFacsimiles.aspx
“While many financial institutions have struggled to make
money during the past few tumultuous years, we are proud of not
only our earnings results, but that we remained a safe and sound
community bank for our clients and the communities we serve,”
said Fremont Bank’s President Andy Mastorakis.
About Fremont Bank
Fremont Bank (www.fremontbank.com)
is the leading full-service community bank in Northern California.
Founded in 1964, Fremont Bank is one of the oldest independent family
owned and managed banks in the region and focuses on personalized
service for individuals and businesses. It serves communities through
19 branches and seven additional ATMs throughout the Greater Bay
Area. Exceptional client service is the cornerstone of Fremont Bank’s
business. Accommodation of customer needs in a friendly, personal
atmosphere characterizes the Bank’s culture. |
