ITT Federal Bank: The Irvine-based bank, formerly...

ITT Federal Bank: The Irvine-based bank, formerly known as Newport Balboa Savings, reported that net income more than doubled for 1989, to $6.5 million from $2.7 million for 1988. Revenue increased 56%, to $82.7 million from $53.2 million. Assets at the end of 1989 totaled nearly $952 million, a 64% increase from the $580.4 million reported for 1988. The bank is a wholly owned subsidiary of ITT Financial Corp. based in St. Louis.