Americorp’s Earnings Jump in 2nd Quarter

Americorp, the holding company for American Commercial Bank, reported second-quarter earnings of $848,000 or 36 cents per diluted share, a 47% increase over the $577,000, or 26 cents per share, reported for the same period in 1999.

Year-to-date earnings for the Ventura-based company are $1.6 million or 72 cents per diluted share, a 56.5% jump from just over $1 million, or 49 cents per share, that was reported for the same period last year.

Total assets for Americorp now stand at $252.7 million. Total net loans as of June 30 were $189.2 million, a 13% increase over the same period in 1999.

Total shareholders’ equity on June 30 was $24.2 million, a 14.1% increase over the $21.2 million reported on June 30, 1999.

“The continued strong growth pattern experienced by the Ventura County economy is reflected in the bank’s performance in both the loan and deposit areas,” said Gerald J. Lukiewski, president and chief executive of American Commercial Bank. “This is further evidenced by the strong earnings momentum we experienced during the first six months of this year.”

The board of directors declared a cash dividend of 13 cents per share on June 15, marking the 67th consecutive quarterly cash dividend to shareholders.

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