Intracoastal Bank Celebrated its Second Anniversary on Wednesday.
Headquartered in Palm Coast, Intracoastal is Flagler County’s only locally owned and operated financial institution.
Palm Coast, FL – June 18, 2010 – Wednesday, Intracoastal Bank, Flagler County’s only locally owned and operated financial institution, celebrated its second anniversary. The community has welcomed the Bank as evidenced by the Bank’s rapid growth. During the second year of operation, total assets increased by $31,301,212 to $101,092,310 at June 16, 2010. Deposits finished the second year at $87,082,035, an annual increase of $30,639,724. During the same time, total loans increased to $57,078,709, an increase of $25,650,035. Bruce Page, CEO of Intracoastal Bank stated, “The response from the community has been phenomenal,” he added “that according to data published by the Federal Deposits Insurance Corporation (FDIC) the Bank has had the fastest growth of any bank in Flagler County since it opened”.
Page reported that the bank recorded a profit of $826,710 during the 12 month period ending May 31, 2010. In addition, the bank ranked in the top 10% of all banks that opened in the United States in 2008, and all banks in the State of Florida, in return on equity during the first quarter of 2010. The Bank’s Tier 1 capital ratio was 14.5% at March 31, 2010, nearly triple what is required to be considered well capitalized. The Bank has good credit quality with no delinquent loans and no foreclosed properties. Mr. Page stated, “Our strong financial performance has positioned the Bank to continue to grow and make loans for the betterment of the community and local economy.”
In appreciation for the community’s important role in achieving this success the Bank is having a variety of festivities and specials during June. For instance, the Bank hosted a Community Appreciation Event/ Flagler County Chamber of Commerce after hours, June 17, 2010 at the Bank’s headquarters in Palm Coast. The event consisted of refreshments, hors d’oeuvres, entertainment and prizes. Flagler County’s Hometown Bank Chamber after hours/anniversary party was truly a community affair!
In addition to serving the banking needs of the community Intracoastal Bank has benefited the area through active involvement and support of local nonprofit organizations in the form of volunteer hours, monetary donations and fundraising activities.
Intracoastal Bank is located at 1290 Palm Coast Parkway, NW, Palm Coast, Florida 32137. 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.
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