Independence Bank Shows Profit in 2nd Quarter

Independence Bank in Encino reported a net income of $1.33 million for the second quarter that ended June 30, compared to a loss of $256,000 a year earlier. For the first six months of 1990, Independence’s profit about tripled to $2.79 million from $922,000 last year.

On June 30 the bank had assets of $718 million, an increase of 14% from $629 million a year ago.