COMBANCORP announces 1995 earnings.CITY OF COMMERCE, Calif.--(BUSINESS WIRE)--March 4, 1996--Richard F. Demerjian, chairman of the board of COMBANCORP, holding company for Commerce National Bank, Monday Monday: see week. announced that the company reported net income for the 12-month period ended Dec. 31, 1995, of $329,095, or 58 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with $468,637, or 83 cents per share, for the same period in 1994. Demerjian noted that earnings, while slightly less than 1994, were substantial, considering the conservative reserves policy of the bank. "Our company made the decision to deal with a limited number of problem credits from current income, which means that our capital position remains excellent and our balance sheet is unimpaired Adj. 1. unimpaired - not damaged or diminished in any respect; "his speech remained unimpaired" undamaged - not harmed or spoiled; sound uninjured - not injured physically or mentally . Based on this very conservative policy, our 1995 earnings were a significant achievement," Demerjian stated. "Naturally, we are looking toward improved earnings in 1996." COMBANCORP paid a dividend of 25 cents per share to shareholders during 1995. The operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of COMBANCORP, Commerce National Bank, has consistently earned the highest ranking in safety and sound management and again received VERIBANC's highest rating, that of a "Blue Ribbon blue ribbon denotes highest honor. [Western Folklore: Brewer Dictionary, 127] See : Prize Bank" for its 1995 performance. In addition, the bank also maintained its position with Bauer Bauer is a German family name. It translates to peasant or farmer (agricola in Latin). Notable people of this name include:
Commerce National Bank has full-service offices in Montebello, Downey and in the City of Commerce, where the company has headquarters. Commerce National Bank has total assets of more than $69 million, and all depositors are insured up to $100,000 by the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). . -0-
COMBANCORP
Consolidated Results of Operations
12 Months Ended
Dec. 31,
1995 1994
Interest income $5,200,048 $4,193,219 Net interest income 4,000,637 3,308,798 Net income (loss) 329,095 468,637 Net income per share 58 cents 83 cents Dividend per share 25 cents -- CONTACT: COMBANCORP, City of Commerce Richard F. Demerjian, 213/724-8800 |
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