American Pacific Posts 10% Rise in Earnings

American Pacific State Bank, based in Sherman Oaks, reported a 10% increase in earnings for the first quarter that ended March 31.

The company posted a profit of $577,000 for the first quarter, compared to $524,000 a year earlier.

Frank Ures, chief executive of American Pacific, said the rise in profit “speaks well of the bank and the entire San Fernando and Santa Clarita valleys, as it appears the tail-end of the lingering recession is finally approaching.”

Bank assets as of March 31 totaled $280 million, up 16% from $241 million a year earlier. Ures cited the opening of a new branch in Valencia during the last half of 1994 as a key source of new business.