Bank of the West Earns $136.7 Million in Third Quarter.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Bank of the West announced that net income for the third quarter of 2006 was $136.7 million, a 4% increase over $131.3 million in the third quarter of 2005. At September 30, 2006, total assets had increased 29% year over year to $56.4 billion, driven both by the acquisition of Commercial Federal Bank and by organic growth. "We are pleased that loan growth continues to be good, and that we've successfully integrated the Commercial Federal acquisition," said Don J. McGrath, Chairman and Chief Executive Officer. "The current rate environment has led to compression of our margins, however, which has substantially constrained our earnings growth." With assets of $56.4 billion, Bank of the West is the third largest commercial bank headquartered in the West. The bank has nearly 680 branch banking locations in 19 states: California, Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , Nevada, North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). , Oklahoma, Oregon, South Dakota South Dakota (dəkō`tə), state in the N central United States. It is bordered by North Dakota (N), Minnesota and Iowa (E), Nebraska (S), and Wyoming and Montana (W). , Utah, Washington, Wisconsin and Wyoming. Bank of the West's holding company, BancWest Corporation, is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of BNP Paribas, a leading global financial services institution. |
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