Levy Bancorp Posts Profit in 2nd Quarter

The parent company of Bank of A. Levy reported a $1.87-million profit Tuesday for the second quarter of 1994, a sign that the Ventura-based institution is recovering from the recession, bank officials said Tuesday.

While Levy Bancorp had also posted a $1.36-million profit for the first quarter of 1994, that profit was preceded by losses for seven straight quarters.

The bank posted a $3.48-million loss for the second quarter of 1993.

Marshall C. Milligan, president and chief executive officer, said the bank recovered $1.05 million in the second quarter of 1994 in real estate and commercial-business loans that had gone unpaid during the recession.

However, the bank also wrote off $617,000 in bad loans and lost $456,000 in devalued real estate.

“The message to our customers is clear,” Milligan said. “Bank of A. Levy is strong and has money to lend to help local businesses and fuel the recovery.”

Bank of A. Levy is Ventura County’s largest locally owned bank. It has 17 branches throughout the county.