Earnings Jump 34% for American West Bank
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American West Bank posted an 11% increase in its fourth quarter net income while its full year’s net earnings jumped 34%.
The Encino-based bank posted a fourth quarter profit of $279,020, up from a $252,326 profit in the same quarter a year earlier.
Last year, the bank’s profits rose to $719,405, up from a profit of $535,633 in 1995.
As of Dec. 31, the bank’s total assets were $67.1 million, up 17% from a year earlier.
American West Bank is awaiting regulatory approval to merge with Bank of Los Angeles, and the merger is likely to occur in March.
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