TransWorld Bancorp’s 4th-Quarter Earnings Dip
TransWorld Bancorp saw its earnings fall 5% in the fourth quarter that ended Dec. 31.
The Sherman Oaks-based bank posted fourth-quarter earnings of $904,000, compared to a $954,000 profit in the same period a year earlier.
For all of last year, TransWorld’s net income fell 8% to $3.7 million, down from $4 million in 1995.
Total assets grew 5% to $379.5 million as of Dec. 31.
Glendale Federal Bank plans to acquire TransWorld for $63 million. The transaction, subject to shareholder and regulatory approval, is expected to happen in the second quarter.
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