American Commercial Bank’s Earnings Increase
American Commercial Bank’s earnings for the second quarter ending June 30 increased to $383,091, compared with $343,386 for the same period in 1997.
Year-to-date earnings through June 30 were $550,686, compared to $530,557 for the same period in 1997.
The bank’s total net loans increased by 13.62% from June 30, 1997, to June 30 of this year. During that same period, total deposits increased by 9.93%.
American Commercial Bank--which will celebrate its 25th anniversary in September--has assets totaling more than $139 million with three offices in Ventura and one in Camarillo.
In July, the bank announced a merger deal with Channel Islands Bank. The transaction, expected to close in the fourth quarter, will create Ventura County’s largest independently owned bank with assets exceeding $220 million, company officials said.
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