Americorp’s 1st-Quarter Earnings Increase 63.9%
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Americorp, the holding company for American Commercial Bank, reported first-quarter earnings of $500,000 or 24 cents per share, a 63.9% increase over the $305,000 and 15 cents per share reported for the same period a year earlier.
Total assets for Americorp grew to $247 million, an 11.5% increase over the comparable period in 1998, while the loan portfolio grew 18.1% to $160 million. Deposits increased 11.8%, to $224 million, over the same period.
Shareholders’ equity on March 31 was $20.9 million, representing a 12.3% increase from $18.6 million at the end of the first quarter last year.
Gerald J. Lukiewski, president and CEO, said the strong loan demand experienced in the fourth quarter of 1998 continued into the first quarter of this year. He also said the bank is experiencing positive market reaction to the recent merger with Channel Islands Bank.
American Commercial Bank, with headquarters in Ventura, also has branches in Oxnard and Camarillo.
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