1994 a Record Year for Bank of A. Levy
The Bank of A. Levy earned a record net income last year, in what is expected to be the institution’s last year as an independent bank, officials announced Tuesday.
The Ventura-based bank earned $7.9 million last year, the highest annual income in its 112-year history, said officials with Levy Bancorp, the Bank of A. Levy’s parent company.
Fourth-quarter net income was $2.5 million, an improvement over the $1 million net loss reported for the fourth quarter in 1993.
First Interstate Bancorp announced in August, 1994 that it plans to acquire Bank of A. Levy.
The deal is expected to close Tuesday and result in the closure of six branches and the layoff of 100 employees from the combined companies.
In 1993, the independent bank posted a $5.7-million loss.
Bank officials attributed the turnaround to lower expenses, improved interest margins, and recoveries of old loan losses.