Levy Bancorp Loses $237,000 in 4th Quarter

Levy Bancorp, the parent of Bank of A. Levy, posted a $237,000 fourth-quarter loss because of problem loans.

The loss in the quarter ended Dec. 31, which compared with a year-earlier profit of $1.34 million, reflected a $1.42-million provision for loan losses, the Ventura-based company said.

Levy’s performance throughout 1992 “has been dominated by problems plaguing the local real estate market,” President Marshall C. Milligan said in a statement. “As vacancy rates for income properties grew, our borrowers found it increasingly difficult to meet mortgage obligations.”

Levy lost $921,000 for all of 1992, compared with a $5.1-million profit in 1991. As of Dec. 31, Levy’s assets totaled $799.5 million, down 13% from $915.2 million a year earlier.