VCNB Posts Loss of $262,000 in ’94
Ventura County National Bancorp lost $262,000 in 1994, a significant improvement from 1993 when the company lost $12.1 million, bank officials announced Thursday.
The company owns Ventura County National Bank, which posted a $539,000 profit for the year. In 1993, the Oxnard-based bank lost $10.2 million.
The company also owns Orange County-based Frontier Bank, which lost $740,000 last year.
In 1993, Frontier lost $1.6 million.
“(Last year) was definitely a turnaround year for VCNB,” president and Chief Executive Officer Richard S. Cupp said in a news release.
Cupp said the company posted a profit of $615,000 the final six months of 1994, $50,000 of it earned in the last quarter. The company lost $3.5 million in the fourth quarter of 1993.
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