Valencia Bank

Valencia National Bank posted a profit in its fourth quarter, compared to a loss a year earlier, while its net income for all of 1995 jumped ninefold. The three-branch bank, based in Valencia, posted a fourth-quarter profit of $128,807, compared to a loss of $184,526 in the same period a year earlier. For the full year, Valencia National's net income jumped to $412,687, compared to a $46,379 profit in 1994. Assets at the end of the year climbed 3% to $84.8 million, up from $82.

Valencia National Bank, a three-branch bank based in Santa Clarita, reported a 34% increase in earnings for the second quarter ended June 30. The 8-year-old bank posted a profit of $101,399 for the quarter, compared to $75,647 in the corresponding period a year earlier. For the first six months of the year, the company reported earnings of $218,553, up 72% from $127,413 a year earlier. Assets totaled $80.8 million at the end of the second quarter, up 4% from $77.4 million a year earlier.

Valencia National Bank reported a more than twofold increase in earnings for the first quarter that ended March 31. The three-branch bank, based in Santa Clarita, reported net income of $117,154 for the first quarter, compared with $51,766 in the same three-month period a year earlier. Total assets increased to $77.1 million as of March 31, up slightly from $76.4 million a year earlier.

Valencia National Bank, based in the Santa Clarita Valley, reported net earnings of $75,647 for the second quarter that ended June 30, down 45% from earnings of $136,796 reported for the same three-month period of 1993. For its six-month period, Valencia reported net earnings of $127,413 compared with a loss of $141,009 posted a year earlier. The three-branch bank reported total assets of $77.7 million June 30, up 9% from $70.9 million a year earlier.

A Los Angeles man with a 24-year career in banking and business operations was named president of Valencia National Bank on Thursday, replacing the founding president, who was ousted June 1. John M. Reardon, an executive officer for The Ram Cos., is scheduled to take over the post Aug. 22. The Ram Cos., based in Oklahoma, is a conglomerate of firms that include manufacturing and financial operations.

Valencia National Bank trustees this week praised founding President Robert Manley for helping the institution get off the ground, expand to a second and third branch and make a profit during the past seven years. Then, they fired him. Board chairman Lou Garasi on Thursday confirmed that Manley was terminated during a special meeting of the board of directors Wednesday. He said the board had been concerned about Manley's management for the last two years.

In a surprise move, the president of the Santa Clarita Valley's only local bank since its founding seven years ago has been asked to resign. Robert Manley, one of the founders of Valencia National Bank, was unanimously asked to step down Tuesday by the institution's board of directors, who cited concerns about his management abilities. However, Manley attributed his ouster to "a fairly hard course" he had taken over the collection of loans by the bank to past and present board members.

A sheriff's bomb squad team Wednesday blew up a suspicious package mailed to Valencia National Bank. It turned out to be apparently only a wall-mounted air freshener. Why the package was sent to the bank, or by whom, was not known. Bank officials called the Santa Clarita station of the Los Angeles County Sheriff's Department at 4:15 p.m. after receiving the small, red plastic box inside a package commonly used for bank materials.

A federal grand jury Tuesday charged an 18-year-old Santa Paula man with the April 7 robbery of the Home Savings of America branch in Valencia. Craig James Brashear is accused of using a shotgun to rob the bank of about $2,000 and then fleeing in a car north on the Golden State Freeway, the FBI said. Authorities gave chase on California 126 through Ventura County, ultimately covering 80 miles, before the car ran out of gas in Santa Barbara.