American Pacific Bank Quarterly Net Doubles
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American Pacific State Bank, a Sherman Oaks bank that specializes in Small Business Administration loans, reported that its fourth-quarter net income more than doubled to $449,000.
A year earlier, the bank earned $198,000.
American Pacific’s 1994 profit was $1.91 million, a 22% increase from earnings of $1.57 million in 1993. The bank’s assets at year-end were $273 million, up 19% over $230 million a year before.
The bank also said it cut its troubled assets in half, to 2% of the total, by the end of the year as the San Fernando Valley continued to recover from the Northridge earthquake and the economic recession.
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