Americorp Earnings Jump 67% Over First-Quarter ’98

Americorp in Ventura, the holding company for American Commercial Bank, reported first-quarter earnings of $837,000 or 36 cents per diluted share, a 67% increase over the $500,000 or 24 cents per share reported for the same period last year.

“The loan demand experienced throughout much of 1999 continues to remain strong, primarily due to the robust economy that Ventura County is experiencing,” said Gerald J. Lukiewski, president and chief executive.

Total assets for Americorp now stand at $253.2 million. Loans as of March 31 came to $186.1 million, a 15.5% increase over the figure reported for the same period in 1999.

Shareholder equity on March 31 was $23.5 million, which represents a 12.4% increase from the $20.9 million reported March 31, 1999.

The company also announced that its board of directors declared a cash dividend of 12 cents per share on March 23, marking the 66th consecutive quarterly cash dividend to shareholders.

American Commercial Bank operates six branches in Ventura, Oxnard and Camarillo.