ORANGE COUNTY EARNINGS
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Western Bancorp, Newport Beach parent company of Southern California Bank and Santa Monica Bank, reported strong gains in net income for the second quarter.
The institution said it earned $6.2 million, or 39 cents a share, up from $469,000, or 4 cents a share, for the 1997 second quarter, which included merger costs of $3.4 million. Operating results for the 1998 period include the acquisition of Santa Monica Bank Jan. 27.
For the six months, Western posted net income of $11.5 million, or 77 cents a share, up from the $3.4 million, or 32 cents a share, for the previous six months.
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