Ventura County Bancorp Reports Drop in Profit

Ventura County National Bancorp, citing lower interest rates and higher operating costs, said its second-quarter profit dropped 27% from a year earlier, to $592,000 from $814,000.

The Oxnard-based company, which owns Ventura County National Bank and Frontier Bank, said the higher costs included one-time charges related to converting Frontier to the computer system currently used by Ventura County National. The conversion should eventually produce significant savings, the company said.

For the six months ended June 30, Ventura County National Bancorp said its net income tumbled 47% from a year earlier, to $828,000 from $1.55 million.