California City Bancorp Posts $362,000 Loss in ’85

Two major loans that went sour forced California City Bancorp, the one-bank holding company of California City Bank in Orange, to post a $362,000 loss for 1985 after net income of $36,000 the previous year, said Robert D. Hoyt, the company’s vice chairman.

The bank itself--the holding company’s only operation--lost $353,000 last year, compared with a $19,000 loss the year before. The holding company alone accounted for $9,000 of last year’s losses but had a net income of $55,000 the previous year.

The bank’s total assets as of Dec. 31 increased 13.2% year to year to $38.6 million from $34.1 million, Hoyt said. Corporate assets each year were $500,000, he said.

The bank’s net loans last year dropped 2% to $25.4 million from $26 million the previous year, while total deposits increased 15.5% to $34.2 million from $29.6 million.