CU Bancorp Posts Loss of $5 Million in 4th Quarter

CU Bancorp, citing higher costs for problem loans and its own restructuring efforts, posted a $5-million loss for the fourth quarter, compared with a $1.29-million profit a year earlier.

The Encino-based parent of California United Bank, which mainly caters to businesses, said the latest loss in the three months ended Dec. 31 included a $7.8-million provision for loan losses. No such provision was taken a year earlier.

For all of 1992, CU lost $8.19 million, compared with a loss of $3.64 million in 1991. The bank’s assets as of Dec. 31 were $353.9 million, down 28% from $498 million a year earlier.