San Marcos National Bank, which is being...
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San Marcos National Bank, which is being acquired by ENB Holding Co., Escondido National Bank’s parent company, reported that net income fell 37% to $168,000 for the year ended Dec. 31. Assets rose by 11% to $33.7 million, compared to $30.5 million for the previous year. Deposits rose by 10% to $29.8 million.
ENB Holding Co. will complete its acquisition of San Marcos National in late January, according to Escondido National Bank Chairman Harvey J. Mitchell. Escondido National will become a wholly owned subsidiary of ENB Holding Co., Mitchell said.
Net income for both banks was reduced by merger expenses that exceeded $225,000, Mitchell said. The two banks split those costs and charged them to 1987 earnings.
If the banks had been combined at year’s end, the resulting bank would have reported $748,000 in net income, $122 million in assets, $81 million in total loans and $112 million in deposits.
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