Profit at First Citizens Soars in 3rd Quarter
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First Citizens Bank, a single-office bank in Sherman Oaks that serves mostly business customers, said its third-quarter profit soared to $100,547, or 27 cents a share, from $17,612, or 4 cents a share, a year earlier.
Mark de Gorter, president of First Citizens, attributed the gain to the bank’s growing asset base and to making solid loans. The bank’s assets as of Sept. 30 totaled $24.7 million, up from $20.2 million a year earlier, and its loan losses have totaled a mere $3,000 since the bank was started in 1986, he said.
For the first nine months of 1988, First Citizens posted net income of $187,102, or 48 cents a share, compared to a year-earlier loss of $93,801.
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