COMBANCORP announces growth and quarterly earnings.CITY OF COMMERCE, Calif.--(BUSINESS WIRE)--Aug. 12, 1996-- Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a F. Demerjian, chairman of the board of COMBANCORP, holding company for Commerce National Bank, announced total assets increased to $70,938,765 from $68,830,029 which was reported at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1995. Net income for the three month period ended June 30, 1996 of $86,792 or 15 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 $173,553, or 31 cents per share for the same period in 1995 due to a provision to the loan loss reserve and to professional expenses related to the previously announced definitive agreement for BanPonce to acquire all of the common stock of COMBANCORP for $10,375,000 in cash. The agreement will be voted on by COMBANCORP shareholders on Aug. 29, 1996 and is subject to receipt of all regulatory approvals. BanPonce is a $16 billion bank holding company based in Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. and operates 215 bank branches, including 29 in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , six in New Jersey, four in Chicago and one in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . BanPonce, a 103-year-old institution, is subject to the supervision and regulations of the Federal Reserve System. 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 from VERIBANC and Bauer Financial Reports. Commerce National Bank has full-service offices in Montebello, Downey and in the City of Commerce, where the company has headquarters. Depositors of the bank 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
(Unaudited)
Three Months ended June 30,
1996 1995
Interest income $1,180,069 $1,323,087
Net interest income 876,857 1,026,199
Net income $ 86,792 $ 173,553
Net income per share $ 0.15 $ 0.31
Six Months ended June 30,
1996 1995
Interest income $2,390,580 $2,650,046
Net interest income 1,782,288 2,072,698
Net income $ 170,655 $ 344,189
Net income per share $ 0.30 $ 0.61
CONTACT: COMBANCORP, City of Commerce Richard F. Demerjian, 213/724-8800 |
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