American Pacific’s Profit Falls 54% in 4th Quarter
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American Pacific State Bank in Sherman Oaks reported a 54% decline in its fourth-quarter profit after increasing its 1993 loan loss reserves from $700,000 to $3 million, in part because of the Northridge earthquake.
The Sherman Oaks-based bank, one of the nation’s largest Small Business Administration lenders, also cited continuing economic troubles in the region for causing earnings “to drop temporarily.”
American Pacific earned $197,899 in the three months ended Dec. 31, in contrast with $430,556 in net income a year earlier.
In all of 1993, the bank earned $1.57 million, a 28% drop from $2.18 million in profit the previous year.
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