Bank Parent Posts Gain in Net Income and Assets

Ventura County National Bancorp, the parent of Ventura County National Bank and Frontier Bank, said that its net income in the second quarter ended June 30 jumped 29% to $814,000 from $631,000 a year earlier. The company’s assets soared 72% to $410 million from $238 million, due in part to the acquisition last October of Frontier, which is based in La Palma, and Frontier’s subsequent acquisition of Westco Savings.

For the first six months of the year, the bank holding company said it had earnings of $1.5 million, 15% more than the $1.3 million in earnings it reported a year ago.