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Merger Costs Cited as VCNB's Earnings Drop

November 05, 1996|BARBARA MURPHY

Net income for Ventura County National Bancorp dipped slightly in the third quarter of this year compared to a year ago, officials reported.

For the quarter ended Sept. 30, net income was $575,000 or 6 cents a share, compared with $650,000 or 7 cents a share a year earlier.

The third-quarter results include costs of $300,000 associated with the forthcoming merger with City National Corp., which is expected to close in early 1997.

During the third quarter, the company posted a tax benefit of $245,000, which was the result of filing new information from prior years.

The company also reached settlements with two former employees, including an officer who had won a $2.5-million court judgment.

Bank officials said the impact of the settlement on third-quarter showings was minimal because money had been reserved for that purpose in the second quarter.

Total deposits as of Sept. 30 were $237.9 million, an increase from the 1995 year-end figure of $236.1 million. Total loans increased from $152.4 million on Dec. 31 to $165.4 million.

Ventura County National Bancorp operates two community banks--Ventura County National Bank, headquartered in Ventura County; and Frontier Bank, headquartered in La Palma.

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