California City Bancorp Has $107,000 Loss
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California City Bancorp, the holding company for California City Bank of Orange, reported a loss of $107,000 for the second quarter of 1985, compared with a $26,000 loss it posted for the same period last year.
Richard C. Cordova, the bank’s president and chief executive, attributed the loss to the write-off of a “substantial portion” of a loan to a local company that has now filed for bankruptcy.
For the first six months of this year, however, California City Bancorp reported a net profit of $58,000, compared with a net loss of $64,000 for the same period in 1984.
Total assets as of June 30, were $36.1 million, up 2% from the $35.3 million a year earlier. Deposits were also up 2% to $31 million from $30.5 million in June 30, 1984.
The bank reported a capital to assets ratio of 13.75%, nearly double the level required by government regulators.
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