New City Bank Posts Strong Third Quarter

New City Bank in Orange reported a major turnaround Friday in its third-quarter and nine-month financial results. Earnings for the quarter ending Sept. 30 reached $148,757, more than triple the $43,948 in earnings for last year’s third quarter. Earnings for the first nine months were $403,787, compared to a loss of $57,757 for the same period a year earlier.

Cashier Joseph Ocambo said that last year’s losses were caused in part by organizational and opening expenses stemming from the bank’s October, 1983, debut.

Total assets as of Sept. 30 reached $34 million, an 86% increase over $18.3 million in assets at the same time last year. Ocambo said the bank’s total capital was nearly $3.6 million, giving it a capital-to-assets ratio of more than 10%, well above regulatory requirements of 7%.

New City also is awaiting state approval for its first branch, which will be located in downtown Anaheim, Ocambo said.