Independence Bank Says 3rd-Quarter Profit Down

Independence Bank in Encino said its net income for the third quarter that ended Sept. 30 plunged 72% to $250,000 from $906,000 a year earlier. For the first nine months of the year, Independence’s profit was $3.04 million, an increase of 66% from the same period in 1989, when Independence earned $1.83 million.

Independence’s assets rose 22% to $764.6 million as of Sept. 30, from $629 million a year before.