Transworld Bancorp

TransWorld Bancorp, Sherman Oaks-based parent of TransWorld Bank, said its Board of Directors approved a 5% stock dividend payable on April 27 to shareholders of record as of April 5.

TransWorld Bancorp posted a 5% increase in its quarterly earnings, in what will be the bank's final quarter before being purchased by Glendale Federal Bank. TransWorld, based in Sherman Oaks, has been an independent bank for 44 years but is expected to conclude its sale to Glendale Federal this week. In the quarter that ended March 31, TransWorld posted net income of $810,000, up from a $770,000 profit a year earlier. Total assets as of March 31 were $376.4 million, up 2% from a year earlier.

TransWorld Bancorp in Sherman Oaks announced that its earnings increased 20% for the quarter that ended Sept. 30 to $547,000 from $456,000 in the same period a year earlier. The holding company for TransWorld Bank said its assets increased 6% to $206 million on Sept. 30, compared to $195 million last year.

TransWorld Bancorp saw its earnings fall 5% in the fourth quarter that ended Dec. 31. The Sherman Oaks-based bank posted fourth-quarter earnings of $904,000, compared to a $954,000 profit in the same period a year earlier. For all of last year, TransWorld's net income fell 8% to $3.7 million, down from $4 million in 1995. Total assets grew 5% to $379.5 million as of Dec. 31. Glendale Federal Bank plans to acquire TransWorld for $63 million.

TransWorld Bancorp in Sherman Oaks said its second-quarter net earnings fell 14% compared to the same period a year earlier, from $601,000 to $516,000. Net earnings for the six months that ended June 30 were $1.02 million. That compares to $1.2 million for the same period last year, which included a $66,000 non-recurring gain. Total assets as of June 30 were $236.7 million compared to $219.1 million a year ago, an 8% increase. TransWorld Bancorp is the parent firm of TransWorld Bank.

TransWorld Bancorp, based in Sherman Oaks, reported record third-quarter earnings of $1.096 million, an increase of 43% from the $764,000 it earned a year earlier. Earnings for the nine months that ended Sept. 30 increased about 85% to $3.06 million, up from $1.66 million in the same period a year earlier. The bank's assets declined slightly to $382.04 million in the latest quarter, down from $384.99 million a year earlier.

TransWorld Bancorp, the Sherman Oaks-based holding company for TransWorld Bank, said its third-quarter profit surged 78% from a year earlier, to $447,000 from $251,000, because of lower loan-loss provisions and other expenses. Through nine months ended Sept. 30, TransWorld's net income climbed 13%, to $1.43 million compared with $1.27 million the previous year. The bank, which has nine offices, reported assets of $251.3 million as of Sept. 30, up 3% from $243.1 million a year earlier.

Fenimore Asset Management Inc., a money-management firm, raised its stake in TransWorld Bancorp to 6.8% of the company's stock from 5.2%. In a filing with the Securities and Exchange Commission, Fenimore said it bought an additional 18,532 shares in the Sherman Oaks-based company, which operates Trans World Bank. Fenimore, based in Cobleskill, N.Y., said it paid between $12 and $14 a share for the stock, and now owns a total of 76,177 TransWorld shares.

As part of a drive to boost its presence in the small-business market, Glendale Federal Bank said Monday that it will pay $63 million to buy TransWorld Bancorp of Sherman Oaks, which specializes in Small Business Administration loans. Glendale Federal will pay $18.25 per share for TransWorld's stock, which climbed $1.625 per share on news of the deal Monday to close at $17.375 on Nasdaq.

TransWorld Bancorp posted a 5% rise in its third-quarter earnings. During the quarter that ended Sept. 30, TransWorld had earnings of $1.15 million, compared with a $1.09-million profit a year earlier. For the nine-month period, the Sherman Oaks-based bank posted a $2.79-million profit, down 9% from its $3.06-million profit a year ago. Total assets as of Sept. 30 fell 2% to $375.3 million.

TransWorld Bancorp, based in Sherman Oaks, saw its net income fall 11% in its second quarter. TransWorld posted net income of $870,000 in the second quarter, down from a profit of $982,000 a year earlier. For the six months period, the bank's net income fell 16% to $1.64 million, down from $1.96 million a year earlier.

TransWorld Bank has opened a full-service branch office for personal banking in Valencia. The bank also has a Canyon Country personal banking branch office that previously served Valencia residents, and 12 other offices in Southern California. TransWorld has named Bart Aikman vice president and area manager for the Valencia and Canyon Country offices. TransWorld Bank is a subsidiary of TransWorld Bancorp, based in Sherman Oaks.

TransWorld Bancorp in Sherman Oaks posted a 21% drop in its first-quarter earnings. TransWorld, which has 11 offices in Los Angeles and Ventura counties, posted a $770,000 profit in the quarter that ended March 31, compared to a record $980,000 profit in the same period a year earlier. As of March 31, the bank's total assets were $369.4 million, up 3% from Dec. 31.

Most San Fernando Valley area banks reported solid profits and strengthening balance sheets in the most recent quarter thanks mostly to banking services other than real estate. Battered by the real estate slump of the last several years, local banks are switching from property loans to commercial loans and expanding new retail banking services for checking and savings customers.

TransWorld Bancorp posted record earnings of $4 million last year, a 54% increase over its profit of $2.6 million in 1994. In the fourth quarter, the Sherman Oaks bank saw its profits climb to $954,000, up 5% from $912,000 in the same period a year earlier. Total assets as of Dec. 31 were $359.9 million, down 3% from $371.2 million a year earlier.