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BURLINGTON, Wash., Jan. 30, 2017 -- SaviBank (OTCPink:SVVB), today announced that Michal D. Cann, Chairman and CEO, and Rob Woods, Executive Vice President and CFO, will attend the FIG Partners’ 8th Annual West Coast Bank CEO Forum at the Omni Hotel in Los Angeles on February 1 and 2, 2017.
For more information on the conference, or to schedule a one-on-one meeting, please contact your FIG representative, or Cathy Jeff at 404-601-7200.
On January 24th, SaviBank reported loans grew 31% and deposits grew 14% during 2016, boosting profitability. Pre-tax net income grew 67% to $1.2 million, or $0.10 per share, in 2016, compared to $703,000, or $0.06 per share, in 2015, both pretax and after tax. Fourth quarter 2016 pretax earnings increased 227%, year-over-year, and 41% in the fourth quarter to $471,000, or $0.04 per share, from $144,000, or $0.01 per share for the fourth quarter of 2015, and $334,000, or $0.03 per share, in the third quarter of 2016. In the fourth quarter, SaviBank booked a one-time $4.6 million tax benefit for its deferred tax assets based on consistent and accelerating profitability over the past three years. Consequently, net income in 2016 was $5.7 million, or $0.49 per share.
About FIG Partners
FIG Partners LLC is an employee-owned broker/dealer specializing in financial institutions. Its expertise includes independent research on more than 120 public bank stocks and the industry at large. FIG has advised on more than $2.6 billion of M&A transaction value since 2007 and provides OTC market-making for 750 banks nationwide.
About SaviBank –
SaviBank (formerly known as Business Bank) is a commercial bank chartered in the State of Washington. The Bank began operations April 11, 2005 and has four branch locations in Burlington, Bellingham, Mt. Vernon, and Oak Harbor, Washington. A loan production center was opened in Anacortes, Washington in May 2013 and in Freeland in February 2016. The Bank provides loan and deposit services to customers who are predominantly small and middle-market businesses and individuals in and around Skagit, Island, and Whatcom counties. As a locally-owned bank, we believe that when everyone becomes Savi about their finances, our entire community benefits. Call us or stop by one of our branches and we’ll show you how to bank Savi. For additional information about SaviBank visit http://www.savibank.com.
CONTACT: Michal D. Cann, Chairman & CEO (360) 707-2272 The Cereghino Group IR CONTACT: 206-388-5785
