BANKING
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Tiny powerhouse: On the banking side, another trade publication recently named tiny Colonial Bank in Santa Ana as California’s strongest bank.
The Holt Advisory in West Palm Beach, Fla., based its decision on a variety of factors, including a formula it developed to determine a bank’s soundness. Colonial’s safety factor was rated A-minus, according to the publication.
Colonial was created in 1987 to purchase the assets of the failed New City Bank in Orange. With $68.7 million in assets at the end of June and net income of $630,000 for the first nine months, Colonial hopes to expand its business banking activities under new management, said Robert P. Zingg, the bank’s new president and chief executive.
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