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Bank of Alameda’s Corporate Parent Announces Profit

NorCal Community Bancorp, the parent company for Bank of Alameda, announced yesterday a third quarter profit of $98,000, compared to a net loss of $1.2 million for the same quarter in the prior year.

“We are very pleased to report this first quarterly profit after nine consecutive quarterly losses,” stated Stephen G. Andrews, President and Chief Executive Officer. “We have made extraordinary progress this year in cleaning up the balance sheet, which has contributed to a significant decrease in loan loss provisioning and charge-off activity in 2011.”

As of September 30, 2011, total Bancorp assets were $254.7 million, up from $250.4 million from the same day in 2010. Total deposits decreased $1.7 million to $224.0 million at September 30, 2011, compared to $225.7 million at September 30, 2010.

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