Local banks and credit unions are benefiting from the Move Your Money campaign. The ones Santa Cruz, Calif, are no exception. Local financial institutions are making a profit now that people are upset with the big banks, and 20 percent of new deposits at one local bank are the direct result of the MYM movement. The Santa Cruz Sentinel’s Jodi Gumz reports:
- Locally owned Lighthouse Bank reported a $38,000 fourth-quarter profit and got its first Bauer Financial rating: Three stars, signifying adequate, after two years in operation. About 5 percent of its assets are nonperforming, a relatively high number, due to two properties.
One involves land in Palo Alto for single-family homes and the other a 10-acre site in Hillsborough. Rick Hofstetter, Lighthouse president and chief executive officer, said he expects a small gain from the sale of one property at the end of the month.
The Move Your Money campaign, which began circulating on YouTube after Christmas and now has more than 480,000 views, has boosted deposits at local banks.
Lighthouse opened 90 new accounts this year, and Santa Cruz County Bank reported one out of five new accounts reference Move Your Money.
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