Alliance Bank Reports Earnings.Business Editors CULVER CITY Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. , Calif.--(BUSINESS WIRE)--Aug. 16, 2000 Alliance Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ABCU ABCU Auto Body Credit Union ) announced that earnings for the six months ended June 30, 2000, were up 89 percent from the same period last year, $1,076,000 vs. $569,000. On a per-share basis, earnings rose to 25 cents from 14 cents. During this same period, total assets grew 40 percent from one year earlier to a record level of $126 million. Curtis S. Reis, chairman and president, stated: "The rapid growth has presented both opportunities and challenges. While we raised $2.5 million of new convertible subordinated debentures in the last 12 months, we will need to raise even more capital to continue our rapid expansion." Construction lending, focused on single-family residences, grew substantially in the past year. Although demand remains strong, the company decided to limit the overall size of this portfolio while continuing to serve its customers. This is being accomplished by granting participation in its construction loans to other banks. Part of the reason for doing this is to handle a growing demand for commercial lines and loans, which have increased about 50 percent in the past 12 months. The loan quality remains sound. While the bank is optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about Southern California's economic environment, its loan-loss reserve remains fully funded at approximately 2 percent of total loans. Reis attributed much of the bank's success to the high-quality people added to an already-strong team. Alliance Bank is a business-oriented commercial bank serving Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . It offers traditional commercial loans and lines of credit, asset-based lending Asset-Based Lending A business loan secured by collateral (assets). The loan, or line of credit, is secured by inventory, accounts receivable and/or other balance-sheet assets. Also known as "commercial finance" or "asset-based financing". , Small Business Administration loans, financing for construction and real estate projects, and a variety of deposit and cash-management products and services. |
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