Ventura County National Bancorp

Ventura County National Bancorp, parent of Oxnard-based Ventura County National Bank, received Securities and Exchange Commission clearance to offer 2 million shares of common stock to current shareholders. The offering is intended to raise at least $4.5 million in new capital for the bank holding company. Proceeds will be used to bolster the company's capital base and finance future growth.

Ventura County National Bancorp lost $262,000 in 1994, a significant improvement from 1993 when the company lost $12.1 million, bank officials announced Thursday. The company owns Ventura County National Bank, which posted a $539,000 profit for the year. In 1993, the Oxnard-based bank lost $10.2 million. The company also owns Orange County-based Frontier Bank, which lost $740,000 last year. In 1993, Frontier lost $1.6 million.

Ventura County National Bancorp, Oxnard-based parent of Ventura County National Bank, says it is no longer operating under an agreement imposed since 1993 by the U.S. comptroller of the currency. Richard S. Cupp, president and chief executive of both the holding company and the bank, hailed the announcement as the final step in the bank's return to "solid performance and results." He said capital-to-liability ratios are now well above required levels.

Ventura County National Bancorp, an Oxnard bank holding company, said its profit for the second quarter that ended June 30 was $524,000 compared to a loss of $763,000 in the second quarter last year. For the six months of 1995, the profit was $797,000 compared to a loss of $877,000 in the same period a year ago. The bank's total assets were $250,838 at the end of the second quarter, down slightly from $257,755 at the same time last year.

Ventura County National Bancorp, the Oxnard-based parent of Ventura County National Bank and Frontier Bank, said it had a loss of $114,000 in its first quarter, compared with a loss of $1.58 million a year earlier. The company said it set aside $800,000 in loan-loss reserves for the quarter that ended March 31, compared with $4.03 million a year earlier. However, the company's non-performing assets--or loans in default and real estate acquired through foreclosure--totaled $24.

Ventura County National Bancorp, the parent of Ventura County National Bank and Frontier Bank, said its net income for the third quarter that ended Sept. 30 jumped 71% to $1.37 million from $801,000 a year earlier. For the nine-month period, the Ventura-based holding company's profit increased 37% to $2.91 million from $2.13 million last year. The company reported total assets on Sept. 30 of $401 million, a 65% increase from $243 million a year before.

Ventura County National Bancorp, the Oxnard parent of Ventura County National Bank and Frontier Bank, said it would add $1.25 million to its loan-loss reserves, resulting in an operating loss for the fourth quarter. William E. McAleer, president and chief executive, blamed the weak economy for the decision to boost loan-loss allowances. "We cannot ignore the fact that the recession is not winding down as anticipated," he said in a statement.