Western Security Reports 55% Gain in 4th Quarter

Western Security Bancorp, a Burbank holding company for the one-office Western Security Bank, said its fourth-quarter profit rose 55% from a year earlier.

In the quarter that ended Dec. 31, Western Security’s net income jumped to $162,800, or 39 cents a share, from $105,100, or 25 cents a share, a year earlier. For all of 1988, the company’s profit climbed 77% to $604,100, or $1.43 a share, from $342,300, or 82 cents a share, in 1987.

Western Security, which focuses on business customers, ended 1988 with $67.6 million in assets, up 27% from $53.1 million the previous year.