February 19, 2013 > Fremont Bank releases annual earnings report
Fremont Bank releases annual earnings report
Submitted By Kurt Heath
Fremont Bank today released its annual earnings report for 2012 on February 8, 2013Ña year of record earnings, increased residential and commercial lending and strong community giving with nearly $1 million dollars donated to local charities.
As a result of continuing strong support from the communities it serves, Fremont Bank enjoyed a year of unprecedented earnings. In generating a record $7 billion in residential loans, the bank helped thousands of local residents to purchase homes or save money by refinancing at historically low interest rates. Deposit balances rose in 2012, and commercial lending increased by 46 percent to $339 million.
The bankÕs strong performance in 2012 was accompanied by contributions of nearly $1 million to local nonprofits from both Fremont Bank and the Fremont Bank Foundation. Named one of the Bay AreaÕs ÒMost Generous CompaniesÓ for eight years running, Fremont Bank almost doubled charitable contributions from 2011. Fremont Bank also maintained its capital levels significantly above the regulatory standards for well capitalized banks, and it has not reduced its robust reserves for loan losses.
President Andy Mastorakis noted, ÒWe thank our clients for their continued loyalty and confidence in Fremont Bank. Our solid performance in 2012 means we are looking to expand our banking, lending and investment services to more clients in 2013. In particular, we are especially well positioned to increase our business lending. Fremont Bank has added additional relationship managers and committed more resources to capitalize on our improving local economies.Ó
For more information about Fremont Bank, visit www.fremontbank.com