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CHARTER PACIFIC TO PURSUE OPPORTUNITIES IN PROVIDING CREDIT CARD PROCESSING SERVICES TO GROWING TELECOMMUNICATIONS INDUSTRY

CHARTER PACIFIC TO PURSUE OPPORTUNITIES IN PROVIDING CREDIT CARD
 PROCESSING SERVICES TO GROWING TELECOMMUNICATIONS INDUSTRY
 AGOURA HILLS, Calif., Sept. 14 /PRNewswire/ -- Charter Pacific Bank announced today that it plans to expand into merchant credit draft processing for telecommunications and mail-order companies. Allen Blum, president and chief executive officer, said, "Telecommunications and the telemarketing industries are among the nation's fastest growing industries. With recent consolidation in the banking industry, we find that there is considerable opportunity for inroads into this market. We believe that this expansion could have a significant impact on earnings over the long term."
 Charter Pacific Bank is one of the most profitable banks in California, achieving a return on equity of more than 18 percent and a return on assets of 1.8 percent in the first six months of 1992. The bank operates three branches in the affluent southern California communities of Beverly Hills, Calabassas and Agoura Hills.
 -0- 9/14/92
 /CONTACT: Allen R. Blum, president and CEO of Charter Pacific Bank, 818-991-8512; or Lise Needham, 415-986-1591, or John Muir, 818-783-2400, both of Financial Relations Board, for Charter Pacific Bank/ CO: Charter Pacific Bank ST: California IN: FIN SU:


GT-SC -- SF015 -- 9372 09/14/92 18:26 EDT
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Publication:PR Newswire
Date:Sep 14, 1992
Words:203
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