Bank Marks 68% Increase in Net Income for Quarter

The Bank of Ventura reported net income of $220,000 for the first quarter of this year, a 68% increase over the same quarter last year.

Commercial loans increased 16.4% over the same period in 1999 to $39.5 million, and assets grew 8.9% to $62.8 million.

Shareholder equity increased 15.7% over the first quarter of last year.

“Our record earnings are the result of the bank’s efficient use of assets and increased loan production,” said Joseph D. Kreutz, president and CEO. “Keeping our customers’ needs as a priority is an integral part of the bank’s ability to maintain consistency in healthy growth and strong earnings.”

The Bank of Ventura, in operation since 1988, is at 5808 Telephone Road.