Palm Coast, FL – July 30, 2010 – Intracoastal Bank has been awarded 4 stars in Bankrate.com’s Safe & Sound® Ratings Service for the quarter ended March 31, 2010. A 4-star rating is defined as “Sound” in terms of relative financial strength and stability. For over 13 years, Bankrate.com's Safe & Sound® service has given consumers information on the relative financial strength and stability of U.S. commercial banks, savings institutions and credit unions.
Intracoastal recently announced that the Bank recorded a net income of $772,789 during the 6-month period ending June 30, 2010. During the first 6 months, total assets increased by $16,273,530 to $101,763,968 at June 30, 2010. Deposits finished the second quarter at $87,808,817, an increase of $15,878,770 from December 31, 2009. During the same time, total loans increased to $57,206,388 an increase of $12,832,607.
“Now more than ever, consumers need to know that their money is safe,” said Thomas R. Evans, President and CEO of Bankrate.com. “Historically, when financial institutions receive one of our 4 or 5 star Safe & Sound® ratings, it has been a strong indicator of their financial health,” Mr. Evans added.
Commenting on the Company’s 4 star rating Intracoastal Bank’s President and Chief Executive Officer Bruce E. Page said “we are thrilled that we have been recognized as one of the safest banks in the State of Florida and in our local market area. As the local Hometown Bank we are able to offer the personal service and safety that customer’s desire.”
Bankrate's Safe & Sound ratings are comparisons to both industry peer norms and standards. Individual performance levels are determined from publicly available regulatory filings and are compared to asset-size peer norms, industry standards and key absolute benchmarks. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states.
Intracoastal Bank, headquartered in Palm Coast, is Flagler County’s only locally owned and operated financial institution with total assets of $101,763,968 at June 30, 2010. Intracoastal Bank is located at 1290 Palm Coast Parkway, NW, Palm Coast, Florida 32137.