American Pacific Reports 2nd-Quarter Profit Fell 40%

American Pacific State Bank in Sherman Oaks said its second-quarter profit fell 40%, to $333,000 from $554,000 a year earlier.

Frank Ures, president and chief executive officer, attributed the decline mainly to a temporary shutdown at the Small Business Adminstration because the federal agency ran out of money. American Pacific is one of the nation’s leading generators of SBA loans.

Earlier this month, Congress poured more money into the SBA program, enabling it to resume the processing of new loan applications. Ures said his bank expected to double-up on its SBA production in the third quarter.

For the first half of 1993, American Pacific had a profit of $897,000, down 19% from the same period a year earlier. The bank reported that its assets as of June 30 were $227 million.