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Bank of Alameda Closes Bay Farm Island Branch

The Bank of Alameda has closed its branch at Harbor Bay Shopping Plaza on Bay Farm Island. A recent visit revealed that the former branch had been mostly cleaned out, and signs posted on the doors.

One sign announced that the branch was closed, and directed customers to branches on Otis Drive and Park Street. Yet another stated that the branch had closed May 15th for lack of activity at the location. The same sign reassured customers that the “Bank of Alameda remains well capitalized.”

On May 10th, NorCal Community Bankcorp, the parent company of the Bank of Alameda, reported a 2011 first quarter net loss of $195,000 or $0.02 per diluted share, which was an improvement of a net loss of over $2 million, or $0.66 per diluted share, for the same period the prior year.

In a press release that day, Stephen G. Andrews, President and CEO, stated, “We are pleased with the progress that has been achieved in reducing our problem assets and reducing the expenses associated with those problems over the last quarter. We are encouraged by new opportunities that may become available to us now that the economy is showing signs of improvement.

Bank of Alameda Bay Farm Island Branch Closed

1 comment to Bank of Alameda Closes Bay Farm Island Branch

  • anonagain

    I wonder why this Bank is so prominent in the City of Alameda’s Investment Portfolio? (see attachment to 5/17/2011 RegMtgCityCouncil)I know “Alameda” is in the name , but that should not be an excuse for making a bad investment! Aren’t bad investments the reason why all of us now have to bail out CalPERS?