American Pacific Bank Posts ’97 Profit Hike of 19%
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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.
American Pacific is a major lander of Small Business Administration loans.
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