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AMERICAN PACIFIC STATE BANK POSTS RECORD 1991 PROFITS

 AMERICAN PACIFIC STATE BANK POSTS RECORD 1991 PROFITS
 SHERMAN OAKS, Calif., Jan. 27 /PRNewswire/ -- American Pacific State


Bank, headquartered in Sherman Oaks, reported record 1991 profits of $2,152,000, up 2 percent over last year's figures of $2,109,000. This represents earnings per share of $1.08, compared to a $1.06 a year ago.
 Frank J. Ures Jr., president and chief executive officer, reported that "ASPB achieved its sixth record year of profitability, which is a remarkable feat considering the present state of the economy and the difficulties the financial community has had in general. As a result of maintaining tight controls over expenses, coupled with few loan losses and a strong SBA loan demand, the bank was able to pull through this difficult year with impressive results."
 The bank's assets as of Dec. 31, 1991, increased 5 percent to a record level of $220 million, compared to last year's figure of $209 million. This well-controlled increase in assets is attributed to the selectivity of new business as well as the bank's success in soliciting small business accounts. Two prime indicators as to the successful operation of a bank are reflected in APSB's return on average assets of 1.02 percent and return on equity of 15 percent, both being impressive achievements considering the depressed economic conditions at this time.
 For the fourth quarter, net income of $535,000 was off slightly from last year's figure of $654,000. Due to the bank's record year of profitability, it was deemed an appropriate time to transfer additional funds to its loan loss reserves, as a further cushion considering the present uncertain economic climate.
 American Pacific State Bank is the sixth largest generator of SBA loans in the United States, which is one of the primary reasons for the bank's continued success. APSB has five branch offices and a complete escrow service located throughout the San Fernando Valley.
 AMERICAN PACIFIC STATE BANK
 Dec. 31, 1991 Annual Report
 1991 Financial Results
 (Unaudited)
 1991 1990 Increase Percent
 Consolidated
 assets $219,638,885 $209,816,336 $9,822,549 5 pct
 Deposits 199,860,091 192,290,195 7,569,896 4 pct
 Loans (net) 155,746,532 140,703,986 15,042,546 11 pct
 Shareholders'
 equity 16,108,719 14,035,574 2,073,145 15 pct
 Net income 2,152,114 2,108,606 43,508 2 pct
 Per share
 equivalent $1.08 $1.06 $0.02 2 pct
 Return on
 equity 15.33 pct 17.30 pct --- ---
 Return on
 average
 assets 1.02 pct 1.07 pct --- ---
 Capital ratio 8.14 pct 7.90 pct --- ---
 Fourth quarter results
 Dec. 31, 1991
 1991 1990 Increase Percent
 Consolidated
 assets $219,638,885 $209,816,336 $9,822,549 5 pct
 Net income 535,021 653,943 -118,922 -18 pct
 Per share
 equivalent $0.27 $0.33 ($0.06) -18 pct
 Return on
 average
 assets 1.00 pct 1.27 pct --- ---
 Loan loss
 reserves 2,149,115 2,381,424 -232,309 -10 pct
 1.36 pct 1.66 pct
 -0- 1/27/92
 /CONTACT: Carrie Davis, VP-marketing of American Pacific State Bank, 818-382-1512/ CO: American Pacific State Bank ST: California IN: FIN SU: ERN


EH-KJ -- LA006 -- 3553 01/27/92 09:05 EST
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Date:Jan 27, 1992
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