CU Bancorp Earns $566,000 in 3rd-Quarter Profits

CU Bancorp, the Encino holding company for California United Bank, reported profits for its latest quarter and nine months, in contrast with year-earlier losses.

CU earned $566,000 in the three months that ended Sept. 30 versus a $297,000 loss in the third quarter of 1992. Its nine-month profit was $1.51 million, compared with a loss of $3.19 million in the same period a year before.

The bank said the turnabout reflected its improved loan portfolio and reduced loan loss reserves, as well as cost-cutting in its commercial banking operation. It also said the previously announced sale of some of its mortgage banking assets is expected to be completed in the fourth quarter.