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Community Bank - News

Community Bank System's net income falls 17.5 percent
Community Bank said the drop in profits was influenced by the bank's sale of collateralized debt obligations and other actions that resulted in a pretax loss of $6.9 million. The bank said it did so in response to “uncertainties” related to the Volcker

How Mobile Photo Bill Pay Is Helping Community Banks Appeal to Mobile-Only ...
Community banks and credit unions using Picture Pay, a mobile photo bill pay solution from Allied Payment Network, have seen impressive growth rates in transactions and are attracting mobile-first customers, according to data released this week.

Community Bank 4Q profits drop nearly 18%
Community Bank attributed the decline to the divestment of the bank's entire portfolio of bank and insurance trust preferred collateralized debt obligation securities. The company announced the sale in December in response to newly approved federal 

How A Community Bank Tripped On Footnote 1861 Of The Volcker Rule
How A Community Bank Tripped On Footnote 1861 Of The Volcker Rule When people talk about the Volcker Rule, they often mention JPMorgan Chase, the giant bank where a trader recently made a bad bet that lost $6 billion. The Volcker Rule is supposed to put an end to that sort of thing, by prohibiting banks from trading

Credit Unions vs. Community Banks

Where do you put your hard earned money... in a large bank, local community bank or a credit union? Seems like a relatively simple question, but ...

Citizens Business Bank acquires Community Bank, adding 16 branches

CVB Financial Corp ., parent company of Citizens Business Bank , has completed its acquisition of Community Bank — a move that expands the company’s Southern California footprint with 16 new branches.

Prior to the merger, Ontario-based CVBF — ranked among the 10 largest banking holding companies in California — had 51 banking centers scattered throughout the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County and the Central Valley.

A boost in branches, assets and employees

Pasadena-based Community Bank had 16 locations in the greater Los Angeles and Orange County areas. The combined company now has 67 branches and nearly $12 billion dollars in total assets.

The move also boosted CVBF’s staffing, taking the company from 825 employees to more than 1,100.

“At its peak Community Bank had abut 425 associates, but after our close some left to move on to other things and that brought it down to about 300,” CVBF President and CEO Christopher D. Myers said. “So 1,100 is about where we hope to remain.

What is the opportunity cost for depositors who stay with Community Bank?

A new bank, Second National, has come to town and to attract depositors, it is offering a 6.5% interest rate for savings accounts. (Community Bank currently offers an interest rate of 6%.

Investors who stay with Community Bank are losing out on the extra 0.5% interest that they would earn at the new bank.