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California United Bank announces quarterly earnings, promotions

Posted: August 6, 2012 6:40 p.m.
Updated: August 6, 2012 6:40 p.m.
 

California United Bank has reported a number of events in the past week – including its second quarter earnings report, promotion of two executives and acquisition of a smaller bank.

On Aug. 3, the bank reported net earnings of $525,000 for the quarter ended June 30, compared to a net income of $312,000 for the same period in 2011.

In a statement issued by the bank, it reported that net income increased by 68 percent in the second quarter of this year over the prior year. Pre-tax earnings increased 85 percent to $1.03 million in the second quarter.

Total assets increased $41 million or 4.7 percent from March 2012; loans increased 7.7 percent to $35 million and total deposits grew 4.4 percent to $34 million in the second quarter over the first quarter of 2012.

Promotions at the Encino-based bank were announced Monday of three executives, including William Sloan of Santa Clarita. Sloan, who has been with the bank since it opened in 2005, was promoted to executive vice president. He is also the Santa Clarita Valley Regional manager and leads real Estate lending for the banke

“Both Sam and Bill have made significant contributions to the growth and expansion of our bank,” said David I. Rainer, president and CEO. “Bill has been with California United Bank since the Bank’s inception in 2005, and his leadership in the Santa Clarita market, as well as his management of real estate lending, has been integral to our success.”

Last week, California United Bank announced it had completed the acquisition of Orange County-based Premier Commercial Bank.

“Our merger with Premier Commercial Bank provides another catalyst for enhancing the value of our franchise, and we are well underway with our integration plans,” Rainer said.

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