BANK'S EARNINGS RISE 51 PERCENT.Byline: Daily News VALENCIA Valencia, region, Spain Valencia (välān`thēä), autonomous region (1990 pop. 3,902,429) and former kingdom, E Spain, on the Mediterranean. It now comprises the provinces of Alicante, Castellón, and Valencia. - The Bank of Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, posted third-quarter earnings of $600,000, a 51 percent increase from the previous quarter, officials said Wednesday. The locally held bank, which opened nearly a year ago, said higher revenues over the three-month period ending Sept. 30 trimmed net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the quarter to $331,000, down from the $458,000 from the second quarter. The losses are consistent with other start-up Start-up The earliest stage of a new business venture. banks, officials said. ``The bank continued to make impressive gains during the third quarter and this sharp increase in earnings positions the bank to reach profitability at an aggressive pace,'' James D. Hicken, the bank's president and chief executive officer, said in a statement. Bank assets totaled $54.7 million, up from $22.3 million at the beginning of the year. The bank has more than $34.1 million in deposits, up from $9.3 million over the same period. Loans also grew from $6.4 million $33.9 million. Revenue during the first nine months totaled more than $1.23 million. ``Bank of Santa Clarita's success is measured not only by our positive financial results, but by our ability to bring value to an increasing number of small to midsize businesses in the Santa Clarita Valley The Santa Clarita Valley is the valley of the Santa Clara River in Southern California. It stretches through Los Angeles County and Ventura County. Its main population center is the city of Santa Clarita. The valley was part of the 48,612-acre (19,672. ,'' Hicken said. ``I expect that during the months ahead, we should continue to see positive interest in the bank and the services we provide.'' The bank recently concluded a successful secondary offering that raised more than $8.2 million. The California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Department of Financial Institutions has approved the bank's request for an amendment of the offering to $7.7 million. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion