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Americorp Net Income Reaches $1.35 Million

March 07, 2000

Americorp, the parent company of Ventura County-based American Commercial Bank, reported fourth-quarter 1999 net income of $1.35 million.

For the full year ended Dec. 31, net income rose to $3.3 million, compared with $1.2 million reported for the 12 months ended Dec. 31, 1998.

Gerald J. Lukiewski, Americorp's president and chief executive, said the bank benefited from a strong local economy, which enabled the loan portfolio to increase by 17.5% to $179 million.

Lukiewski said that in addition to the loan growth, the company realized operational efficiencies from the merger with the former Channel Islands Bank, the elimination of merger-related expenses that affected fourth-quarter 1998 results and a tax credit that added to the fourth-quarter 1999 results.

The company achieved strong growth in non-interest-bearing deposits, which increased by 10% to $70 million, compared with the prior year. Total deposits declined 3.6% to $210 million, due to the impact of competing higher-yielding equity investments on interest-bearing deposits.

Diluted earnings per share in 1999 were $1.49, representing an increase of 171% over the 55 cents reported for the same period in 1998.

Americorp's total capital Dec. 31 was $23 million, up 13% from the $20 million reported Dec. 31, 1998. Its stock split 2 for 1 last May, and the company has paid a cash dividend to shareholders during the last 65 quarters.

American Commercial Bank operates six branches in Ventura, Oxnard and Camarillo.

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