American West Credits Its Loans for Higher ’87 Profit
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American West Bank, a one-office bank in Encino, reported a sharp increase in 1987 profit to $375,353, or 49 cents a share, from $60,753, or eight cents a share, the previous year.
The bank attributed the gains to a 19% jump in the value of its loans outstanding--to $32.1 million from $27 million at year-end 1986--and to “adding quality loans to the portfolio.”
American West’s deposits rose 6% last year to $38.9 million from $36.9 million, and its total assets climbed 6% to $45.5 million from $43 million.
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