Novato Business Roundup: Bank of Marin Posts 2nd Quarter Earnings

Novato-based announced second quarter earnings of $3.4 million, up 3 percent from second quarter earnings in 2010. Earnings for the first half of 2011 include the impact of the FDIC-assisted acquisition of the former Charter Oak Banks in Napa on Feb. 18.

Russell A. Colombo, president and CEO of Bank of Marin, said the earnings reflected the positive impact of the acquisition of the Charter Oak portfolio.

“In June we successfully completed the conversion and integration of our Napa operations, and are very pleased with our results to date,” Colombo said.

The company also announced that its Board of Directors declared a quarterly cash dividend of $0.16 per share. The bank has paid a dividend for the past 25 quarters. 

As of July 26, Bank of Marin Bancorp (NASDAQ:BMRC) shares closed at $37.35. 

Circle Bank Reports Profitable Quarter

Circle Bancorp, parent company of , today reported second quarter 2011 net income applicable to common equity of $228,000, or $0.12 diluted earnings per share (“EPS”).  

This compares to $277,000, or $0.17 per share, in the equivalent quarter, ending June 30, 2010.  In the quarter ending March 31, 2011, Bancorp reported EPS of $0.10 and net income of $207,000.

Circle Bank, the wholly-owned subsidiary of Circle Bancorp, reported its 48th consecutive profitable quarter for the period ending June 30, 2011.

“We are pleased with the continued performance of the Bank in an economic environment that remains difficult,” said Kit M. Cole, chairman of Circle Bancorp. 

Circle Bank is headquartered in Novato, with branches in Corte Madera, Petaluma, San Rafael, Santa Rosa and San Francisco’s Noe Valley. The Bank had total net assets of $306.4 million as June 30, 2011, compared to $304.6 million for the period ending March 31, 2011.

Grant Avenue Sidewalk Sale

Grant Avenue shops in Old Town Novato are having a Summer Sidewalk Sale this Saturday, July 30. Bargains, refreshments and fun are planned at participating shops. The event is sponsored by the Downtown Novato Business Association. 

Bicycle and Helmet Inspection

On Saturday July 30,  and the will conduct a bicycle inspection program from 10 a.m. to 3 p.m. at 6995 Redwood Blvd.

Helmets will be inspected for correct type and fit. Trade-in your old or broken helmet for a new one. Helmets will be available to those in need. Pedestrian safety and a bicycle skills area will be set up to learn safe riding techniques.

Space Fest Exhibit at Pacheco Plaza

and the W Foundation are partnering to show a temporary exhibit of artifacts that made the long journey to the moon. Also on display are photographs inscribed by the astronauts that tell about their adventures in outer space.

The Walter Kieckhefer Company, the commercial property owner, is allowing the foundation to use a prime corner of retail space in the Pacheco Plaza across from the branch for the free display.

“This is a ‘win, win’ for our organization, the property owner and the community,” said , co-president of the W Foundation.

Winans said the concept allows museums to gain access to high traffic areas with temporary exhibits in secure locations. “Hopefully, this idea will gain traction with other groups across the country because there are so many vacant retail spaces that need to be filled,” said Winans.

The exhibit hours are Friday, July 29 from 4-6 p.m. and Saturday and Sunday, July 30 and 31 from 10 a.m. to 4 p.m.

Avon Seller is a Top Rep in the U.S.

Novato Avon representative Shahrzad Moshfeghi has been recognized as one of the nation’s top representatives and was awarded a trip to San Diego to celebrate along with other top awardees at the company’s annual President’s Recognition Program Celebration.

This year Avon celebrates its 125th anniversary as a direct seller of beauty products. The company has over $10 billion in annual revenue. As of market close on July 26, Avon shares (NYSE: AVP) were at $27.74.

Art Museum Gift Shop Sale

MarinMOCA is having a summer sale through Aug. 7 with 40 percent off of selected merchandise. The museum is at 500 Palm Drive in Hamilton and store hours are Wednesday-Sunday from 11 a.m. to 4 p.m.

Dailey Method’s Grand Opening Delayed

The Dailey Method’s grand opening in Pacheco Plaza was originally scheduled for this weekend but due to construction and permit delays it has been pushed off one weekend to Aug. 6-7.

Those who signed up for free classes on the day of the grand opening have been automatically re-registered for the following week.

Despite the delay, owner Anne-Marie McMahan is excited about the opening. “We are so close and the space is looking absolutely beautiful,” said McMahan in an e-mail. “... It’s going to be amazing!”

West Bay Builders Wins in Court

As reported in the Marin Independent Journal, the state appeals court upheld a 2009 judgement in favor of Novato-based construction firm  in a civil suit filed by Standard Elevator Company an affiliated entity, Standard Metal Fabrication. For more on this story, you can click this link to the Marin IJ article.