Bank Reports Record Earnings Over Last Year
The Bank of Ventura has achieved record earnings and growth over the last year, officials said.
The bank’s loan growth increased 19.3% to $38 million, compared with $31.9 million in the third quarter of last year.
Through increased profits, capital increased 14% to $5.3 million, up from $4.6 million a year earlier. Net income for the third quarter of this year was $217,000, a 32% gain from last year’s third quarter income of $165,000.
“Our record earnings are due to the bank’s growth in assets and increase in loan production,” said Joseph D. Kruetz, bank president and chief executive. With assets of more than $60 million, the Bank of Ventura is at 5808 Telephone Road in Ventura.
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