Folsom startup bank cuts losses, adds assets
Folsom Lake Bank reduced its losses in the third quarter as the startup attracted new customers and accounts at an aggressive pace.
The bank, launched in April 2007, lost $295,400 in the quarter ended Sept. 30, down from a loss of $397,368 in the year-earlier period. It lost $1 million in the first ninth months of 2008, down from a $1.3 million loss from its opening day through September 2007. Startup banks typically post early losses as they build up assets and customers.
Assets rose to $52 million as of Sept. 30, up 113 percent from $27.6 million the year earlier. Deposits grew to $38.4 million, up from $28.6 million the year earlier. Nearly 86 percent of that increase — $8.4 million — came in the third quarter alone.
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