Bank Shows a Profit for 1st Time in Year
For the first time in more than a year, Oxnard-based Ventura County National Bancorp has shown a profit, bank officials said Tuesday.
Third-quarter reports for the period ending Sept. 30 show VCNB earning a profit of $565,000. During the same, three-month period last year, the bank lost $4.3 million.
“The hard work of our staff and the loyalty and support of our customers and shareholders has begun to pay off,” Richard Cupp, bank president and chief executive officer, said.
The bank has been under pressure by federal regulators to increase its level of capital for the past year. One plan to do so fell through this summer after the bank was unable to negotiate a sales price for its Orange County subsidiary, Frontier Bank.
Frontier Bank, based in La Palma, continues to lose money, reporting a loss of $27,000 in the third quarter, compared to a loss of $439,000 in that period in 1993.
Instead of selling Frontier, VCNB officials announced last month that they will offer $5 million in a stock sale to shareholders to boost capital levels.
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