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Bank of A. Levy Posts $2.2-Million Profit

October 31, 1994|MARY F. POLS

The Bank of A. Levy posted its largest quarterly earnings in nearly three years during the third quarter of 1994, bank officials said Friday.

The bank, which is in the process of being purchased by First Interstate Bancorp, showed a profit of $2.2 million in the third quarter, compared with a loss of $400,000 during the same period last year.

The sale of Bank of A. Levy, Ventura County's largest locally owned bank, to First Interstate is currently under review by federal regulators.

Pending approval, the sale should be finalized during the first quarter of 1995.

The bank's quarterly profits have gradually increased this year. In the first quarter, profits were $1.36 million, marking the first time in seven quarters the bank showed a profit. During the second quarter, the bank reported a $1.87-million profit.

Another sign that the bank's overall position is improving is a decline in the number of its outstanding non-performing loans.

During the third quarter of 1993, the bank was not receiving payments on more than 10% of its loan portfolio. In the third quarter this year, that dropped under 4%.

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