Ventura Bank Names CEO; Posts 2nd-Quarter Loss
Ventura County National Bancorp in Oxnard, the parent of Ventura County National Bank and Frontier Bank, named Richard S. Cupp its new president and chief executive after posting a $2.7-million loss for its second quarter.
The loss for the quarter that ended June 30 came after adding $4.3 million to its loan-loss reserves, the company said, blaming the continued poor performance of Ventura County’s economy and a decline in real estate values.
In 1992’s second quarter, Ventura County National Bancorp had net income of $383,000. Its assets declined 3% in the last three months, to $398 million from $409 million a year before.
For the last six months, the company posted a $4.2-million net loss, compared with a $903,000 profit a year earlier.
Cupp, 53, was formerly an executive vice president of California Federal Bank and senior vice president of First Interstate Bank.
He succeeds William E. McAleer, 54, who resigned in May, citing a clash with Ventura County National Bancorp’s board over the company’s direction.
Subject to a review by the office of the comptroller of the currency, Cupp will also serve as chief executive officer of Ventura County National Bank.
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