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San Diego Trust Bank Reports Record Quarterly Results

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  Published in Business and Finance on Monday, October 18th 2010 at 6:15 GMT by Market Wire
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SAN DIEGO--([ BUSINESS WIRE ])--San Diego Trust Bank (OTCBB: SDBK), one of the most consistently profitable banks in the State, reported its 24^th consecutive quarterly profit with Year-to-Date earnings of $626 thousand, up sharply from the same period of a year ago. Net earnings increased more than 30% to $218 thousand for the quarter ending September 30, 2010 compared to $166 thousand for the same period last year despite all the expenses incurred with the recent opening of ita™s Pt. Loma Office. Net income for the first nine months of 2010 totaled $626 thousand compared to $434 thousand for the same time period in 2009 representing a significant increase of more than 44% compared to the prior year. San Diego Trust Bank is the only bank in the County to post a profit each and every quarter for the past six years.

"Our proven ability to adapt to ever-changing market conditions, and the tremendous efforts of our entire team, have enabled our organization to generate these strong results while many in the industry are preoccupied with problem loans or complying with regulatory enforcement actions"

Total Assets reached a record $191.7 million, up 47% from the prior yeara™s figures as more and more San Diegana™s sought to align themselves with one of the most well-capitalized and consistently profitable banks in all of California. Total Deposits increased more than $50 million and reached a new all-time high of $161.2 million as of 9/30/10, compared to $109.1 million a year ago. Core deposits (DDA and money market accounts) represented 90% of all deposits as of September 30, 2010. The Bank has never held any abrokereda deposits.

aWe are once again thrilled to be able report such strong results to our stakeholders given the lackluster economic environment we are operating in,a commented Michael Perry, Chairman, President and CEO. aOur proven ability to adapt to ever-changing market conditions, and the tremendous efforts of our entire team, have enabled our organization to generate these strong results while many in the industry are preoccupied with problem loans or complying with regulatory enforcement actions,a he added. aGoing forward, we are uniquely positioned to capitalize on opportunities in the market as consolidation in our industry continues to accelerate,a Perry concluded.

The Banka™s Pt. Loma Office, which officially opened on August 18^th, has experienced an exceptionally strong reception as both individuals and businesses in that market seek a safe, sound and financially viable alternative to the large, wholesale banks that dominate the Peninsula. This was a natural extension for San Diego Trust considering the significant ties to that community through its Board, management team, and numerous founding shareholders, many of whom were once associated with the former Peninsula Bank of San Diego which was headquartered in Pt. Loma.

San Diego Trust Banka™s capital ratios are among the highest in the nation and more than twice the amount needed to be considered awell-capitalizeda by regulatory definition. As of 9/30/10 the Banka™s Total Risk-Based Capital Ratio was 22.49%. The Bank has never invested in preferred stock of any entity, including Freddie Mac or Fannie Mae, and as such its capital position is not impaired in any way.

The Banka™s actual capital ratios as of 9/30/10 are summarized as follows:

San Diego Trust Bank did not apply for any taxpayer funded bail-out funds under the highly-unpopular TARP program. The Banka™s liquidity position has never been stronger with more than $135 million in cash and securities available for sale as of September 30, 2010.

San Diego Trust Bank is the only bank in San Diego County to be designated as a a5-Stara institution by Bauer Financial for the past 16 consecutive quarters.

Founded by several of San Diegoa™s most respected banking veterans and business leaders, San Diego Trust Bank is dedicated to the timeless principles of superior local market knowledge, unparalleled service, and building exceptional shareholder value. With over four hundred years of experience in banking San Diegans, timely local decision making, and one of the most comprehensive product lines found in the market today, San Diego Trust Bank delivers aPerformance You Can Trust.a

San Diego Trust Bank common stock is traded on the Over-the-Counter Bulletin Board (OTCBB) under the symbol aSDBKa. For information on the companya™s stock please contact Mr. Richard Levenson, President of Western Financial Corporation at (619) 544-0260.

For more information on the Bank please visit [ www.sandiegotrust.com ] or call (619) 525-1700.

For bank rating information please refer to [ www.bauerfinancial.com ]

FORWARD LOOKING STATEMENTS

Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes and financial policies of the United States government and general economic conditions. The Bank disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained herein to reflect future events or developments.