CU Bancorp Reports 9% Increase in Profit

CU Bancorp, the Encino-based holding company of California United Bank, N. A., reported increased profit for the second quarter that ended June 30, its sixth consecutive quarterly rise.

Profit for the second quarter was $608,000, a 9% increase from the $557,000 in profit reported for the same quarter a year ago.

Non-performing assets at the end of the second quarter were $1 million, down 6% from the first quarter and down 90% from the $9.9 million reported in the second quarter of 1993.

Last month, CU Bancorp announced that it had signed a letter of intent to merge with Redondo Beach-based Bay Cities National Bank. Subject to the approval of Bay Cities shareholders, the merger is expected to be completed by the end of the year.