CU Bancorp Loses $5.1 Million in Quarter
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CU Bancorp, the holding company of California United Bank, reported a $5.1-million loss for the third quarter that ended Sept. 30, compared to a profit of $1.7 million in the corresponding period last year.
For the first nine months of 1996, CU lost $1.8 million versus a profit of $4.7 million last year.
Total assets of CU Bancorp as of Sept. 30 were $834 million, up 13% from $736 million at the same time last year.
The bank said the loss was due to the cost of completing a merger with Home Interstate Bancorp, the parent of Home Bank.
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