BROOKFIELD, Wis. (November 13, 2013) – Ridgestone Financial Services achieved solid earnings through the third quarter of 2013, with a net income of $5.6 million compared with income of $798 thousand for the first nine months of 2012. Third quarter earnings reached $1.4 million in 2013 compared to earnings of $579 thousand for the third quarter in 2012. The improvement resulted largely from continued growth in government guaranteed lending, net interest margin improvement and reduction of expenses related to loan collection efforts.
“We continue to focus on the origination of government guaranteed loans for new and existing customers,” said Bruce Lammers, president and CEO of Ridgestone Bank. “This has resulted in the origination of $203.7 million of new government guaranteed loans during the first nine months of 2013. Additionally, strong demand continues in the secondary market and premiums are holding up in the market.”
Ridgestone Bank is a leader in SBA lending, and has earned the following rankings as of September 30th, 2013, for SBA lending in dollar volume:
#1 in Illinois
#2 in Indiana
#3 in Wisconsin
#7 in the nation
Ridgestone Bank is a privately-held bank with locations in Brookfield, Wis. and Schaumburg, Ill. Founded in 1995, the bank is a leader in small business and government guaranteed lending nationwide and also provides retail banking services, including checking, money markets, CD’s, and other convenience services at its branch locations. Distinguished by the SBA as an “SBA Preferred Lender,” Ridgestone Bank is the 7th most prolific SBA lender in the nation is the number one SBA lender in Illinois and is the number one SBA lender in its asset size in Wisconsin. Ridgestone Bank is a leader in USDA lending in the United States and has been recognized as a valued partner by the USDA for its commitment to small businesses. For more information, call 262-789-1011 or visit www.ridgestone.com.
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