City Commerce Bank reported earnings of $1.3 million for 1996, the first year it had an office in Ventura County.
“We were very pleased with the strong fourth quarter that brought us to near record earnings for the year,” said Terry H. Downard, president and chief executive officer. “The increased profits can be attributed to the excellent growth experienced in both loans and deposits.”
The bank’s loan portfolio grew 12.5% to $91.4 million, an increase of more than $10 million from the previous year. In the same period, deposits grew 9.8% to $111.5 million. Overall, bank assets grew 10%, to $126.8 million at year end.
City Commerce Bank has branches in Goleta, Santa Barbara and Oxnard.