Redwood Capital Bancorp Again Reports Record Third Quarter Earnings - Cash Dividend Continued

EUREKA, Calif., Nov. 02, 2016 (GLOBE NEWSWIRE) -- On November 2, 2016, REDWOOD CAPITAL BANCORP (OTCBB:RWCB), the holding company for Redwood Capital Bank, announced unaudited consolidated financial results for the three and nine month period ended September 30, 2016.  The only locally owned and operated community bank holding company reported record third quarter earnings and a continuation of dividend payments during its eleventh consecutive year of profitability.

John Dalby, President and CEO of the company, commented, "The Board of Directors and management team anticipate Redwood Capital Bank's positive momentum to extend throughout the remainder of 2016 and into 2017.  Our amazing staff continues to perform at a very high level and their efforts and talents are reflected in the financial results of the company.  I feel very fortunate to be a part of the team.  The strong balance sheet continues to improve and we are well positioned for the future."

Total assets as of September 30, 2016 were $334.9 million; an increase of 4% over the June 30, 2016 and 4% from the September 30, 2015 reported figures.  Total deposits stood at $306.4 million as of September 30, 2016, an increase of 4% over the June 30, 2016 and 5% over the September 30, 2015 figures.  The company also reported robust loan growth for the quarter.  Total loans as of September 30, 2016, net of unearned income, were $237 million, up 3% from the prior quarter and up 9% over the quarter ended September 30, 2015. 

CEO Dalby continued, "Being the only local community bank serving Humboldt County, we are in a unique position to relate to and understand our customers.  Our Board of Directors, management and staff are stakeholders in the community that we serve.  Unlike out-of-area corporate banks, the monies deposited here stay here, helping to revitalize the North Coast's economy.  Humboldt County needs a strong, engaged community bank. Redwood Capital Bank continues to be an attractive choice for customers looking for a true financial partner."