California Bank & Trust reported a dramatic increase in 2010 first quarter earnings compared to the same period last year. For the first quarter ended March 31, the company reported a net income of $31.6 million compared to $9.9 million for 2010 first quarter results. The increase is mostly due to the reductions in credit related costs, said David Blackford, CEO and president of the company. “California Bank & Trust is off to a great start in 2011,” said Blackford. “For the remainder of the year we will be focused on growing our business and continuing to meet our customers’ banking needs as the economic recovery gains more solid footing.”
