Eldorado Bancorp in Laguna Hills, a holding...
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Eldorado Bancorp in Laguna Hills, a holding company for Tustin-based Eldorado Bank and Newport Beach-based American Merchant Bank, posted record net income of $644,000 for the first quarter, a 13% increase over $568,000 in the period last year. Quarterly income rose 8% to $5.5 million from $5.1 million last year. With the 84% acquisition of American Merchant this year, the company’s assets shot to $244.6 million at the end of March, a 32% increase over $185 million in assets a year earlier. Total deposits at both banks were $218.8 million at the end of the quarter, compared to Eldorado Bank’s $167.3 million in deposits a year earlier. Total loans at both banks were $161.5 million, compared to Eldorado Bank’s $113.5 million in loans a year ago. American Merchant is expected to be merged into Eldorado Bank later this spring.
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