Written by The Business Journal Staff
Fresno-based Security First Bank announced first quarter earnings of $24,473, down from $67,354 in the same quarter last year.
Total assets for the first quarter were $112 million, down from $115 million last year.
The bank also announced another extension of its merger agreement with Los Angeles-based SunPac Financial, which was originally announced in February 2015. Security First Bank shareholders are entitled to $10.50 in cash for each share of stock under the deal.
The extension will provide additional time for regulatory approvals. The new extension lasts until May 27.
“Given that we have been in the process of this merger over this past year, keeping earnings level and maintaining our quality asset and deposit base has been a key focus for our Board of Directors and senior management,” said Steve Jones, CEO, president and CFO of Security First Bank.
Jones became CEO in February after previous CEO Robert Hemsath left to seek other opportunities.