September 10,2014
Monterey-based 1st Capital Bank plans to open a branch in San Luis Obispo at 142 Cross St – off Tank Farm Road. The bank filed a notice with the FDIC this month to establish what would be their first branch outside of Monterey County.The locally-owned business bank has a branch as far south as King City. The bank has assets of $454 million and as of the second quarter and saw both record growth and a record balance sheet. Ist Capital hopes to expand market share along the Central Coast.The bank states as of the 2nd quarter it has increased its loan portfolio by 17% in the past six months
1st Capital describes itself this way.”We provide professional banking, credit and cash management services to businesses, professionals and residents throughout the Central Coast. 1st Capital Bank is recognized by BauerFinancial Inc as a “five-star” superior rated bank and by the Findley Company as the only “Premier Performing Bank” based in Monterey, Santa Cruz and/or San Benito counties.”
In terms of market share in SLO County Rabobank is number one with 26.14% market share as of June 2013 according to the FDIC,up slightly from the year before.Wells Fargo,Bank of America and Chase follow with similar market shares ranging from 14% to 11%. Some 11 other institutions have single digit market share as of this report. Total bank deposits in SLO County was $5.32 billion vs $5.18 billion as of June 2012.