Intracoastal Bank, held its annual meeting of shareholders on March 13, 2014 at the Halifax Plantation Country Club.
At the meeting, the following individuals were elected to serve as directors for the coming year: Dr. Pamela Carbiener, C. Scott Crews, Robert DeVore, Thomas L. Gibbs, Albert B. Johnston, Jr., Gerald P. Keyes, Michael Machin and Bruce E. Page.
Bank board and management provided shareholders with a progress update highlighting the outstanding growth and success the Bank experienced in 2013. The highlights included the following:
Total assets at December 31, 2013, were $199.8 million, up $20.8 million, or 12%, from $179 million at December 31, 2012.
Total loans at December 31, 2013 were $106.3 million, up $15.1 million, or 17% from $91.2 million, at December 31, 2012.
Total deposits at December 31, 2013 were $182.9 million, up $23 million, or 14% from $159.9 million, at December 31, 2012.
Net income for the full year 2013 increased by 32% from the full year 2012.
Commenting on the Company’s results Intracoastal Bank’s President and Chief Executive Officer Bruce E. Page stated, “The Company’s results surpassed expectations and the response from the community continues to be fantastic,” he added “that according to data published by independent sources Intracoastal has been the top performing bank in the State of Florida in overall performance, compared to its peers, during the five full years the Bank has been open”.
Mr. Page reported that the Bank Tier 1 capital ratio was 9.47% at December 31, 2013, more than what is required to be considered well capitalized. The Bank has good credit quality with no delinquent loans, no foreclosed properties and no charge offs for 2013 and year to date March 13, 2014. Mr. Page stated, “Our strong financial performance has positioned the Bank to continue to expand and make loans for the betterment of the community and local economy.”
Rick Wells, Senior Lender for the Bank gave an update on the Bank’s major strategic priority, the recently announced new full service Volusia Banking Center currently under construction. Wells said “The banking facility is being built on property, which theBank purchased from Consolidated-Tomoka Land Company. The site is located just east of Interstate 95, adjacent to Vince Carter’s restaurant on LPGA Blvd, Daytona Beach, Florida. The Volusia Banking Center’s 9,000-square-foot office is slated to open by the first quarter of 2015 and will serve as the Bank’s main office in Volusia County. This will be the most centrally located bank in the main urban corridor of Volusia County. The design is innovative and includes the most advanced and modernized full service banking center in the area. The banking center will be supported by state of the art technology. BETNR Construction, who has been in business 45 years and is located in Ormond Beach, will be the contractor for the project.”
Intracoastal Bank, headquartered in Palm Coast, and is a locally owned and operated financial institution. Intracoastal Bank’s main banking center is located at 1290 Palm Coast Parkway, NW, Palm Coast, Florida 32137. The Bank’s Lending Center is located at 1659 N. Clyde Morris Blvd Ste 2, Daytona Beach, FL 32117. The Bank serves the Flagler and Volusia Counties area. The bank offers a full range of deposit and loan products tailored to meet the needs of customers and the community. The bank is a state charted commercial bank, member FDIC. More corporate information and e-banking are available at http://www.intracoastalbank.net, or join the conversation with Intracoastal Bank on Facebook at https://www.facebook.com/intracoastalbank.
For further information, please feel free to contact:
President & C.E.O.
1290 Palm Coast Parkway NW
Palm Coast, FL. 32137
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