American Pacific Bank Posts 13% Rise in Profits
American Pacific State Bank, based in Sherman Oaks, reported that its third-quarter earnings jumped 13% to $649,000, compared to a $576,000 profit a year earlier.
President Frank J. Ures Jr. attributed the results to “the continued, consistent improvement in the Southern California economy, coupled with a strong loan demand.”
For the nine months ending Sept. 30, the bank posted a profit of $1.66 million, up 14% from $1.46 million a year earlier.
As of Sept. 30, the bank’s assets were $285 million, up 2% from last year’s figure.
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