BANK OFF TO STRONG START CUB HOPES FOR BLACK INK.Byline: Brent Hopkins Staff Writer ENCINO - Though its first financial results were in the red, California United Bank reported Friday that it started off on strong financial footing. After raising $34 million in funds, startup costs, salaries and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. caused the bank to incur a loss of $328,873 in its first five weeks of operation. Its interest income from securities, selling federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve and loans brought in a net $134,586. After opening for business May 23, it added an additional $17.4 million in assets, bringing its total to $51.2 million. It also generated $3.2 million in loans. ``We're off to a great start,'' said President and Chief Executive Officer David Ranier. ``We're seeing that momentum carry into the first full quarter. The new business activity reflects the need for a new small, midsized business bank.'' This marks his second go-round with an enterprise under the CUB banner. He served as president of the former bank, sold to Bank of Hawaii Bank of Hawaii, a subsidiary of Bank of Hawaii Corporation (NYSE: BOH), is a regional commercial bank headquartered in Honolulu, Hawaii. It is Hawaii's second oldest bank and its largest locally owned bank in that majority of the voting stockholders reside within the state. in 1997. Though different in scale - the old company, started in the late 1980s, had 22 branches; the present one has only one - the two operations share about a dozen employees in addition to Ranier. ``This is one of those industry sectors that's growing by leaps and bounds,'' said Bruce Ackerman Bruce Arnold Ackerman (born August 19, 1943) is a famous constitutional law scholar in the United States. He is a Sterling Professor at Yale Law School and one of the most frequently cited legal academics in the country. Biography Ackerman received his B. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Economic Alliance of the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. . ``Is there room for another bank like this? Sure. If they could raise $35 million, that's a great number. To go that heavy, that's a great statement for them.'' Brent Hopkins, (818) 713-3738 brent.hopkins(at)dailynews.com |
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