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Bank of Alameda Parent Company Posts Fourth Quarter Profit

This week, NorCal Community Bancorp, the parent company of the Bank of Alameda, reported a 2011 fourth quarter profit of $205,000 or $0.02 per share, fully diluted.

The quarter compares favorably with the same period in 2010, when the company reported a net loss of $2.0 million or ($0.27) per share.

For 2011, the company reported net income of $12,000, compared to a net loss of $6.0 million in 2010.

“In 2011 we saw significant improvement in a wide range of areas, such as non-performing asset reductions, lower loan charge-offs, reduction in non-interest expense and increases in non-interest income. We look forward to this trend continuing in 2012,” stated Stephen G. Andrews, President and Chief Executive Officer.

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