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Friday, Mar 29, 2024

California United Bank Attains Profitability in Second Full Year

California United Bank announced its net income for 2007 increased by $2.96 million over 2006, resulting in net earnings of $29,000. The Encino-based bank grew by $81.8 million to $260 million, a 45.9 percent increase over the prior year. Profitability is noteworthy after only its second full year of operation, president and CEO David I. Rainer said in a statement, “particularly while absorbing the start-up costs of two additional branches.” The bank achieved three consecutive profitable quarters in 2007, Rainer said, as well as profitability for the year. “This success has come from our core business, without brokered deposits or loan pool purchases,” he said. “Our success in the past two years is attributable to our relationship business model, strong capital ratios, notable growth in loans and deposits, and prudent loan policies,” Rainer said.

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