SANTA CRUZ, Calif., Feb. 16, 2022  -- Santa Cruz County Bank, with assets of $1.70 billion, is a top-rated community bank headquartered in Santa Cruz County. Today the bank announced its Board of Directors declared a 2-for-1 stock split payable on March 14, 2022 to shareholders of record as of the close of business on March 3, 2022. 

Chairman William J. Hansen stated, "We are pleased to announce a 2-for-1 stock split of the Bank's common shares. This is the first stock split announced in the history of the Bank. The announced stock split will increase the outstanding shares from approximately 4.25 million shares to over 8.5 million shares. The Board of Directors believe doubling the number of outstanding shares will improve the market liquidity of our stock. The Board remains committed to increasing shareholder value through exceptional financial performance."

The bank reported record performance for the twelve months ended December 31, 2021. Net income for the twelve months ended December 31, 2021 was $21.3 million compared to $17.6 million, a 21% increase, over the prior year.