June 8, 1999 |
Beverly Hills-based City National Corp. said it will buy American Pacific State Bank, based in Sherman Oaks, for $89 million in cash to expand in the San Fernando Valley area. City National will pay $15.65 for each of American Pacific's 5.5 million shares outstanding. American Pacific stock was unchanged at $12.88 in over-the-counter trading Monday. City National said the price represents 2.75 times American Pacific's book value.
CALIFORNIA | LOCAL
November 10, 1998
Sherman Oaks-based American Pacific State Bank posted a third-quarter profit of $1 million, or 19 cents per share, in line with last year's earnings for the period, the company reported. For the first nine months of the year, the Valley's largest independent bank reported a profit of $2.53 million, up 10% from the $2.29 million posted for the year-ago period. Loan growth increased by 23% for the bank, which has $375 million in assets.
July 28, 1998
Sherman Oaks-based American Pacific State Bank announced second-quarter profits of $650,000, up 10% from the same quarter last year. Frank J. Ures Jr., president and chief executive of the eight-branch financial institution, said "earnings continue to increase in direct proportion to the bank's asset growth. Strong earnings allowed the bank to declare and pay a 14-cent cash dividend in May."
April 28, 1998
American Pacific State Bank posted a 24% climb in its first-quarter net income. The bank had net income of $875,000 in the quarter that ended March 31, compared to a profit of $705,000 in the same period a year earlier. The bank's assets at the end of the first quarter rose to a record $350 million, up 12% from $312 million a year ago. Frank Ures Jr.
February 3, 1998
American Pacific State Bank, headquartered in Sherman Oaks, posted a 13% increase in profits during its fourth quarter, while profits for all of 1997 rose by 19%. In its fourth quarter, American Pacific posted a net profit of $1.2 million, compared with$1.06 million a year earlier. For the full year, profits climbed to a record $3.5 million, up from $2.9 million in 1996. As of Dec. 31 the bank's assets were $345 million, up from $311 million a year earlier.
December 16, 1997
American Pacific State Bank has approved a 5% stock dividend and a cash dividend of 10 cents per share to holders of record as of Dec. 10. Chief Executive Frank Ures Jr. said, "The bank's strong performance throughout 1997 . . . combined with the issuance of dividends are both working to increase the price and appeal of our bank's stock." American Pacific State Bank, based in Sherman Oaks, is a major funder of Small Business Administration loans, with assets of $350 million.