American Pacific Bank Reports Net Income Up 172 Percent for First Quarter of 1998.

PORTLAND, Ore.--(BUSINESS WIRE)--April 10, 1998--David Chen, president and chief executive officer of American Pacific Bank today announced net earnings for the bank's first quarter of operations which ended March 31, 1998.

Net earnings for the period were $46,814, an increase of 172 percent over net earnings of $17,188 reported last year. On a per share basis, net earnings were $0.041 per share, as compared to $0.02 per share reported for the same period last year. The increase in net income was due primarily to the increase of loans. As of March 31, 1998 total loans were $29.8 million as compared to $25.4 million for the same period a year ago, an increase of 17.32 percent.

The bank ended the first quarter with $44.2 million in total assets as compared to $37.5 million in total assets from the previous year. Total deposits were at $39.8 million as compared to $33.6 million from the previous year. As of March 31, 1998, total classified assets represented only 0.25 percent of total assets. The bank has not suffered any losses from the construction and mortgage lending operations in the last six years. The bank continues to be well-capitalized with leverage ratio at 9.34 percent and the risk-based capital ratio at 14.38 percent. The bank continues to be highly liquid with liquidity ratio at 28.57 percent.

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                       American Pacific Bank

                                        Quarter        Quarter
                                     Ended 3/31/98  Ended 3/31/97
                                       Unaudited      Unaudited
                                           $               $
                                     --------------  --------------
Total Assets                           44,250,617      37,531,021
Average Assets                         42,923,972      38,231,790
Total Deposits                         39,840,958      33,596,711
Total Loans (after Loan Loss Reserve)  29,832,921      25,392,860
Total Equity                            4,139,953       3,782,220
Average No. of Shares                   1,133,775       4,535,103
Average No. of Shares (after reverse
                             split)                     1,133,775

                                                Quarter     Quarter
                                                 Ended       Ended
                                                3/31/98    3/31/97
                                               Unaudited  Unaudited
                                                   $          $

Interest Income                                1,051,285   1,052,204
Interest Expense                                 417,058     334,960
Net Interest Income                              634,227     717,244

Provision for
 Loan Loss Reserve                               (46,307)     65,883
Other Income                                      68,326      42,698
Other Expenses                                   702,046     676,871
Net Income                                        46,814      17,188
                                                              Note 1
Per Share Data:
Earnings Per Share                                 0.041       0.004
Earnings Per Share (adjusted for
            comparison purposes)                                0.02

Note 1: The bank did a reverse-split of 4 to 1 on May 19, 1997; the
Earnings Per Share for the first quarter of 1997 was adjusted to
reflect the same shares outstanding for comparison purposes.

CONTACT: American Pacific Bank

David T. Chen, 503/221-5801