Americorp Reports 10.3% Rise in 2000 Income

Americorp, the holding company for Ventura-based American Commercial Bank, reported another year of record earnings.

For all of 2000, net income rose to $3.6 million, or $1.75 in earnings per basic share, a 10.3% increase over the $3.3 million, or $1.60 per share, reported for 1999.

Total assets for Americorp on Dec. 31 stood at $266.5 million.

Its total loans grew to $197.5 million, an 8.9% increase over the $181.3 million reported a year earlier.

Gerald J. Lukiewski, Americorp’s president and chief executive, said the bank did well because it identified strong local lending opportunities.

Total deposits also grew, jumping by 13.5% to $238.2 million, compared with $209.9 million at the end of 1999.

Total shareholder equity increased 10.6% to $25.5 million. During 2000, the board of directors declared four quarterly cash dividends, making it 69 quarters in a row with a dividend to shareholders.

The per-share cash dividend for the most recent quarter rose 15.4% to 15 cents per share.

For the 12 months that ended Dec. 31, Americorp’s return on equity and return on assets were 15.9% and 1.49%, respectively, compared with 16.3% and 1.37% for the 12 months that ended Dec. 31, 1999.