Western Security Bank Under Holding Company

Western Security Bank, a one-branch bank in Toluca Lake, became the main subsidiary of a new holding company called Western Security Bancorp under a change approved by the bank’s stockholders.

The new structure “will provide greater operating flexibility and will permit expansion into a broader range of financial services as we look toward future growth opportunities,” Herbert G. Prinz, president and chief executive, said in a statement.

Western Security also said its second-quarter profit more than doubled from a year earlier, from $71,000 to $169,000. Earnings for the first half of 1987 jumped 72% from a year ago, from $150,300 to $258,400, and total assets on June 30 also were up 72%, from $30.2 million to $52 million.