Western Bancorp: The Newport Beach company posted...
Western Bancorp: The Newport Beach company posted net income of $2.5 million, or 35 cents a share, for the third quarter, compared with $606,000, or 15 cents a share, a year ago. Net income for the nine months increased 30% to $3.5 million, or 48 cents a share, from $2.7 million, or 67 cents a share, for the comparable three quarters last year. The 1997 figure included a charge of $1.5 million from amortization of goodwill and after-tax merger costs of $3 million. Also included are the earnings of Western Bank, acquired on Sept. 30, 1996. Total assets increased slightly to $867.1 million from $862.9 million.
Last week, shareholders of Western and SC Bancorp approved the merger of SC Bancorp with Western.
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