Sonora, Ca — Mother Lode Bank held its annual Shareholder Meeting Tuesday night at the Sonora Opera Hall.
Bank President Chuck Milazzo told shareholders that the institution, which now has approximately $65 million in assets, was profitable during the second quarter of 2007.
“The growth of Mother Lode Bank has been very, very solid,” says Milazzo. “Of course, we are entering a period of economic slowdown, which is clearly occurring throughout the nation…not just the Mother Lode. But, the first two and a half years of growth for Mother Lode Bank has just been, in my opinion, incredible.”
Milazzo says a new branch in the Junction Shopping Center is expected to be fully constructed by October 19th. The company also recently opened a loan production office and ATM in Murphys, and Milazzo says the bank hopes to expand its offerings at that location in the future.
Milazzo told shareholders that he is happy that the bank has not been affected by the sub-prime lending trend that has gotten many institutions in financial trouble recently. He notes Mother lode Bank does not have any sub-prime loans.
Written by BJ Hansen