ORANGE COUNTY EARNINGS
Western Bancorp, Newport Beach parent company of Southern California Bank and Santa Monica Bank, reported strong gains in net income for the second quarter.
The institution said it earned $6.2 million, or 39 cents a share, up from $469,000, or 4 cents a share, for the 1997 second quarter, which included merger costs of $3.4 million. Operating results for the 1998 period include the acquisition of Santa Monica Bank Jan. 27.
For the six months, Western posted net income of $11.5 million, or 77 cents a share, up from the $3.4 million, or 32 cents a share, for the previous six months.
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