COMBANCORP announces significant increase in earnings.CITY OF COMMERCE, Calif.--(BUSINESS WIRE)--Aug. 15, 1995--Richard F. Demerjian, chairman of the board of COMBANCORP, holding company for Commerce National Bank, Tuesday Tuesday: see week. announced that the company reported net income for the three-month period ended June June: see month. 30, 1995, of $173,553, or 31 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 $94,117, or 17 cents per share, for the same period in 1994. Demerjian noted that overall earnings for the first half were triple the 1994 performance. ``Our company is enjoying a strong year and we are building towards future growth opportunities. We continue to improve shareholder value, while at the same time we are expanding our sales and service capabilities and upgrading our information technology,'' he stated. 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 has received VERIBANC's highest rating, that of a ``Blue Ribbon blue ribbon denotes highest honor. [Western Folklore: Brewer Dictionary, 127] See : Prize Bank.'' In addition, the bank has been awarded the 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 $70 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
Three months ended Six months ended
June 30, June 30,
1995 1994 1995 1994
Interest income $1,323,087 $ 868,445 $2,650,046 $1,624,304 Net interest income 1,026,199 677,777 2,072,698 1,253,624 Net income 173,553 94,117 344,189 111,165 Net income per share 31 cents 17 cents 61 cents 20 cents CONTACT: COMBANCORP, City of Commerce Richard F. Demerjian, 213/724-8800 |
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