Bancorp Loss: Fullerton’s Pioneer Bancorp, the holding...
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Bancorp Loss: Fullerton’s Pioneer Bancorp, the holding company for Pioneer Bank, on Friday reported a $214,000 net loss for the first quarter. Pioneer reported a $383,000 net profit during the like quarter a year earlier.
Bank officials linked the loss to $585,000 in provisions taken for “potential loan and other real estate-owned losses.” The provisions were made “in recognition of the struggling Southern California economy and real estate markets.”
The company reported that its assets grew to $185.4 million, up from $171.8 million a year ago.
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