Americorp Announces Record Earnings.

Business Editors

VENTURA, Calif.--(BUSINESS WIRE)--Jan. 26, 2001

Americorp (OTCBB:AICA), the holding company for American Commercial Bank, is reporting another year of record earnings.

For the full year ended Dec. 31, 2000, net income rose to $3,664,000, or $1.75 basic earnings per share, which represents a 10.3 percent increase over the $3,322,000, or $1.60 basic earnings per share, that was reported for the year 1999.

Americorp's president and chief executive officer, Gerald J. Lukiewski, stated, "The company is pleased with the continued strength of its financial performance."

Total assets for Americorp at Dec. 31, 2000, stood at $266.5 million. Total Gross Loans at Dec. 31, 2000, grew to $197.5 million, an 8.9 percent increase over the $181.3 million reported at Dec. 31, 1999.

Lukiewski was particularly happy with results obtained in the loan portfolio, adding: "A local community bank exists to provide businesses with capital to grow. Our managers and loan officers did an excellent job in identifying good lending opportunities while at the same time protecting our shareholders' interests."

For the full year ended Dec. 31, 2000, Americorp added $1,634,000 to its Allowance for Loan Loss Reserve, improving the reserve to 1.8 percent of total loans.

The company also realized strong growth in total deposits, which increased by 13.5 percent at Dec. 31, 2000, to $238.2 million as compared with the $209.9 million reported at Dec. 31, 1999.

Total shareholders' equity at Dec. 31, 2000, grew to $25.5 million, representing a 10.6 percent increase from the $23.1 million reported at Dec. 31, 1999. During the year 2000, the board of directors declared a 66th, 67th, 68th and 69th consecutive quarterly cash dividend to shareholders, increasing the most recent quarter's per share cash dividend 15.4 percent to $.15 per share.

For the 12 months ended Dec. 31, 2000, Americorp's return on equity and return on assets were 15.9 percent and 1.49 percent, respectively, compared with 16.3 percent and 1.37 percent, respectively, for the 12 months ended Dec. 31, 1999.

Former U.S. Congressman Robert J. Lagomarsino, Americorp's chairman of the board, stated: "The company will continue to look for opportunities to grow. The recent comments from Federal Reserve Chairman Alan Greenspan in support of President Bush's tax cut proposal are a very optimistic sign for our economy."

Lukiewski concluded that the bank is entering its 28th year of service, and he wants to continue expanding the marketing efforts to local businesses: "Our employees have a long history of delivering personal service and respect to our customers. That is the foundation that we will continue to build upon."

American Commercial Bank operates six branches in the communities of Ventura, Oxnard and Camarillo. The bank is also a preferred SBA 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; Hoefer & Arnett, 800/346-5544; or Crowell Weedon & Co., 800/776-5500.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act. These include statements that relate to or are dependent on estimates or assumptions, including, but not limited to, the bank's strategies, objectives and expansion in the growth of its portfolio of loans, investments and deposits. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include the following possibilities: (a) competitive pressure among financial institutions increases significantly; (b) changes in the interest rate environment reduce interest margins; (c) general economic conditions are less favorable than expected; (d) actions that may be taken by regulatory authorities having oversight on the operation. The bank undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.