- December 26, 2021
- Posted by: Stratford Team
- Category: Business
Commerce earned net income of $541,000 in the third quarter, and just over $2 million through the first three quarters of 2021 after posting a profit of $2.9 million for 2020.
PPP loans earned Commerce $384,000 in loan-origination fees in the third quarter, the bank’s parent company, CBOA Financial Inc., said in a news release.
The mainly local investors who backed Commerce Bank during its darkest days have shares in the bank they can sell publicly. CBOA Financial is traded on the over-the-counter “pink sheets,” where it has been trading recently for $3 per share.
All the other banks operating in Southern Arizona maintained their previous Bauer star ratings except for Utah-based Zions Bancorp, parent of National Bank of Arizona, which dropped to four stars or “excellent” from five stars.
Canyon Community Bank, which is locally-based but majority-owned by a Texas investment group, also continued to improve its balance sheet after raising nearly…
