Charter Pacific Bank Reports Turnaround

Charter Pacific Bank, a three-branch bank based in Agoura Hills, reported a turnaround in earnings and a sharp rise in total assets for 1994.

The bank reported a profit of $310,000 for 1994, compared to a year-earlier loss of $182,000. Assets on Dec. 31 totaled $74 million, up nearly 11% from the end of 1993, the company said.

Michael Ward, chief executive of Charter Pacific, attributed the improved results to “a significantly improved loan portfolio and controlled costs.”