Quake Jolted Profits at TransWorld Bancorp
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TransWorld Bancorp, the Sherman Oaks-based holding company for TransWorld Bank, said its first-quarter profit dropped 40%, largely because of a charge of $300,000 for damage caused by the earthquake.
For the quarter ended March 31, TransWorld posted a profit of $268,000, compared with a profit of $450,000 in the same quarter a year earlier, which included a $190,000 gain as a result of a change in accounting practices. Total assets on March 31 were $338.4 million, up 27% from $267 million a year earlier.
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