Fast-growing American Commerce National Bank in Costa Mesa posted second-quarter net income of $176,000, an 11% increase over the $158,000 earned in last year's second quarter. Net income for the first six months rose 48.6% to $443,000 from $298,000.
The 2-year-old bank has nearly tripled in size in the last 18 months, rising to $55.3 million in assets at the end of June from $18 million at the end of 1984. A year ago, its total assets were $30 million.
"We're aggressively doing business development and a lot of tax planning," said Gerald J. Garner, chairman and chief executive. "Since we opened, we've brought in 4,000 professional and small business accounts from Encino to Cathedral City to San Juan Capistrano. We have a courier service that makes 300 stops a day."
American Commerce's total deposits nearly doubled to $51.2 million at the end of June from $26.9 million a year earlier and is nearly five times the $10.4 million in deposits reported 18 months ago.
Total loans by the end of June rose 64.7% to $39.9 million from $20.3 million a year earlier.