Americorp to Pay Dividend of 13 Cents Per Share

The board of directors of Americorp, the holding company for American Commercial Bank, has declared a 13-cent per-share cash dividend to shareholders of record on June 22, payable on July 10.

This is a one-cent increase over the dividend paid out on April 10.

Americorp previously reported first-quarter earnings of $837,000 or 36 cents per diluted share, which represented a 67% jump from the $500,000 or 24 cents per share that was reported for the same period during 1999.

“The board is pleased with the progress the bank has made in the areas of both loans and deposits,” said Robert J. Lagomarsino, Americorp’s chairman. “We are also proud that this declaration of a cash dividend marks a record 67th consecutive quarterly cash dividend that Americorp has declared to its shareholders.”

American Commercial Bank operates full-service branches in Ventura, Oxnard and Camarillo. The bank also has a mortgage loan division serving all of Ventura County.