Verdugo Banking Co., a single-branch bank based in Glendale, more than doubled its fourth-quarter earnings compared to a year ago.
Verdugo reported a profit of $147,923 for the quarter that ended Dec. 31, compared to $72,400 in the same three-month period of 1993. The 3-year-old bank reported net income of $458,188 for 1994, more than triple the $133,674 profit the bank recorded in 1993.
Ray Dumser, chief executive of the bank, attributed the improved results to "remaining focused on providing personalized relationship banking services."
Verdugo's assets totaled $41.3 million on Dec. 31, up 18% from $35.1 million a year earlier. The bank reported no non-performing assets.