United American Bank of Westminster said last week that it also has benefited from the improving business borrowing climate. The 18-month-old bank, which caters largely to the Indochinese community in Westminster, posted a loss of $130,280 for 1984, but had its first-ever quarterly profit in the last three months of the year.
United American's 1984 loss more than halved the $278,651 loss reported in 1983, when the bank operated for only six months.
The fourth-quarter profit of $19,540 compares to a loss of $89,237 for the same period in 1983.
The bank said its assets totaled $10.8 million on Dec. 31, double the $5.35 million reported at the end of 1983.
Deposits of $8.7 million were 174% greater than the $3.2 million reported a year earlier and United American's loan portfolio of $5.3 million on Dec. 31 was more than 16 times the $322,272 in loans reported at the end of 1983. The loan portfolio included about $4.3 million in commercial loans and $1 million in consumer installment loans, according to Don Booth, a United American director.