Stellar Business Bank forges ahead
April of 2007 was certainly not the best time to launch a new bank.
But that's when Stellar Business Bank was born. And despite all the woes that have since roiled the economy - a severe downturn in housing, the collapse of many financial and retail institutions, scores of layoffs and a climate in which U.S. automakers are struggling to survive - Stellar has managed to hold its own.
The Covina bank reported a net loss of $1.6 million for the first nine months of 2008. Not good. But Timothy P. Walbridge, Stellar's president and CEO, said that's still in line with other California banks, many of which reported similar losses for the same period.
Walbridge also noted that several key indices are trending the right way for Stellar. As of Sept. 30, the bank reported assets of $88.1 million, a 37 percent increase from the prior quarter. Total deposits were $67.9 million, up 57 percent from the previous quarter.
Not bad for a bank operating in this economy - especially when other banks are getting government help.
About this blog
Economic Alert is a daily blog on business and the economy in the San Gabriel Valley and beyond, featuring updates and observations from the staff of the San Gabriel Valley Newspaper Group. SGVN includes the San Gabriel Valley Tribune, Pasadena Star-News and Whittier Daily News.
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Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
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Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
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Your hosts:
Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
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