American Pacific Bank’s Profit Up 11% in Quarter
American Pacific State Bank in Sherman Oaks posted an 11% rise in first-quarter net income.
The bank, which has eight offices in the San Fernando and Santa Clarita valleys, had a profit of $653,000 in the quarter that ended March 31, compared to $577,000 in the same period a year ago.
Frank Ures Jr., the bank’s chief executive, said operating expenses have improved and he expects the bank to have record earnings in 1996 due to strong loan demand.
As of March 31, the bank’s total assets were $289 million, up 3% from $280 million a year earlier.
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