Western Security Bank Under Holding Company
Western Security Bank, a one-branch bank in Toluca Lake, became the main subsidiary of a new holding company called Western Security Bancorp under a change approved by the bank’s stockholders.
The new structure “will provide greater operating flexibility and will permit expansion into a broader range of financial services as we look toward future growth opportunities,” Herbert G. Prinz, president and chief executive, said in a statement.
Western Security also said its second-quarter profit more than doubled from a year earlier, from $71,000 to $169,000. Earnings for the first half of 1987 jumped 72% from a year ago, from $150,300 to $258,400, and total assets on June 30 also were up 72%, from $30.2 million to $52 million.
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