Los Robles Bancorp to Stock Split as Net Grows
Shareholders of Los Robles Bancorp, parent company of Los Robles Bank of Thousand Oaks, are scheduled to get a New Year’s gift from their favorite financial institution.
The company’s board of directors has approved a two-for-one stock split, to be distributed Dec. 29 to shareholders of record as of Dec. 5. The split is a result, in part, of a jump in the stock price from about $16 at the start of 1997 to a current $25.
“A good stock split will take us back to the $12 area, which will possibly motivate buyers,” said Bob Hamilton, president and chief executive of Los Robles Bancorp and Los Robles Bank. “It gives the stockholders a good feeling that the bank is going somewhere, which we are.”
As of Oct. 31, Los Robles Bank’s net profits were about $1 million, nearly double that of the start of the year. The bank’s assets were at $114.3 million through October, up from $103.5 million as of June 30, the end of the second quarter.
Hamilton said the stock split will be its second, following a three-for-two split in 1996.
“That one really spurred activity,” he said.
Los Robles Bank operates branches in Thousand Oaks, Westlake Village and Camarillo.
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