American Pacific Shows 13% Quarterly Profit Rise
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American Pacific State Bank in Sherman Oaks reported a $509,000 profit for the second quarter ended June 30, a 13% increase from a $451,000 profit a year earlier. Earnings for the six months ended June 30 rose 14% to $1.01 million from $888,000 in the same period in 1990.
As of June 30, the bank’s assets had grown 6% to $209 million from $197 million at the end of 1990.
The bank attributed the gain in profits to an increase in fee income, strong loan demand--particularly for its Small Business Administration loans--and tight cost controls.
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