Levy Bancorp Reports $44,000 3rd-Quarter Loss

Levy Bancorp, the Ventura-based parent of Bank of A. Levy, posted a third-quarter loss of $44,000 because of its increased provisions for troubled loans.

The loss in the quarter ended Sept. 30, which compared with a year-earlier profit of $1.1 million, reflected a jump in Levy’s provisions for loan losses to $3.1 million from $681,000 a year earlier.

“Unfortunately, we’ve observed an increase in non-performing real estate loans in a continuing weak market,” Levy President Marshall Milligan said in a statement. He also noted that Levy has suspended dividend payments because of the problem loans.

The company reported a $684,000 loss for the first nine months of 1992, compared with a $3.7-million profit a year earlier. Levy, the largest commercial bank by assets in the San Fernando Valley and Ventura County regions, had total assets of $861.5 million as of Sept. 30, down 6% from $915 million a year earlier.