New President Says Bank of S.D. Gaining

The Bank of San Diego, which reported a $189,000 net loss for the first quarter ended March 31, is “on its road to profitability,” according to Boyd A. Lindquist, 50, who last week joined the bank as president.

BSD will report next week “a significant reduction in the level of non-performing loans,” Lindquist said during a Tuesday press conference. He also said he hopes to continue tight controls on expenses.

Growth at the bank will be generated by retained earnings and additional capital that probably would be provided by BSD Bancorp, the bank’s San Diego-based holding company. BSD also owns all or part of American Valley Bank, Coast Bank, Bank of La Costa, Borrego Springs Bank, and a data processing company.

Lindquist, who spent 28 years with banks in Colorado and Utah, most recently served as vice president and Eastern regional supervisor for Denver-based Central Bancorporation. He was responsible for 16 banks with combined assets of $450 million and 430 employees.