American Commercial Bank Releases Second-Quarter Earnings.Business Editors VENTURA, Calif.--(BUSINESS WIRE)--July 10, 2000 Americorp (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AICA AICA Agencia Informativa Católica Argentina AICA Associazione Italiana per l'Informatica e il Calcolo Automatico AICA Anterior Inferior Cerebellar Artery AICA Australian Infection Control Association AICA Associazione Italiana Catene Alberghiere ), the holding company for American Commercial Bank American Commercial Bank was formed in 1957 from the merger of Commercial Financial Bank and American Trust Co., in Charlotte, North Carolina. A predecessor to North Carolina National Bank (NCNB). , reported second-quarter earnings of $848,000, or 36 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , which represents a 47 percent increase over the $577,000, or 26 cents per share fully diluted, that was reported for the same period during 1999. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings total $1,685,000, or 72 cents per share fully diluted, which represents a 56.5 percent increase over the $1,077,000, or 49 cents per share fully diluted, that was reported for the same period during 1999. Total assets for Americorp now stand at $252.7 million. Total net loans at June 30, 2000, grew to $189.2 million, a 13 percent increase over the same period reported during 1999. Total shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. at June 30, 2000, was $24.2 million, representing a 14.1 percent increase from the $21.2 million reported at June 30, 1999. Gerald J. Lukiewski, president and chief executive officer of American Commercial Bank, commented: "The continued strong growth pattern experienced by the Ventura County economy is reflected in the bank's performance in both the loan and deposit areas. This is further evidenced by the strong earnings momentum we experienced during the first six months of this year." The board of directors also declared a cash dividend of 13 cents per share on June 15, 2000, marking the 67th consecutive quarterly cash dividend to shareholders. For further financial information on Americorp, refer to the company's Dec. 31, 1999, 10-K report, available online at www.sec.gov. American Commercial Bank operates six branches in the communities of Ventura, Oxnard and Camarillo. The bank is also a preferred Small Business Administration lender and has a full-service mortgage department serving all of Ventura County. Americorp stock information can be obtained from Maguire Investments, 800/244-4183, or Hoefer & Arnett, 800/346-5544. |
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