First Citizens Bank Posts Loss for 3rd Quarter
First Citizens Bank in Sherman Oaks reported a third-quarter loss of $214,462, compared with a year-earlier profit of $94,062.
The loss mainly reflected a $176,000 increase in the bank’s reserves for possible loan losses, along with higher overhead costs.
In the nine months ended Sept. 30, First Citizens lost $312,552, compared with earnings of $237,600 a year earlier. The bank’s assets as of Sept. 30 totaled $37.6 million, up 5% from $35.9 million a year earlier.
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