American West Reports 4th-Quarter Rise in Profit
American West Bank of Encino said its fourth-quarter profit was $279,020, up 11% from $252,326 in the same period last year.
For the year that ended Dec. 31, the bank’s profit was $719,405, up 34% from $535,633 last year.
Total assets at the end of 1996 were $67 million, up 17% from $57.5 million the previous year.
Both loans and deposits increased in 1996, the bank said.
The bank also said that it will merge with Bank of Los Angeles in March, provided shareholders approve the deal. The merged entity will operate under the name Bank of Los Angeles and have combined assets of more than $190 million.
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