Americas United Bank reported rising assets and loans in its third quarter filings on Friday, as the company gained from an acquisition earlier this year.
The Glendale-based community bank reported net income of $233,000 (8 cents a share) for the quarter ended Sept. 30, compared to net income of $256,000 (9 cents) for the same period a year earlier.
The company reported skyrocketing assets, jumping 32 percent from the same period last year to nearly $160 million. Total loans rose 24 percent to $107 million.
Much of the bank’s growth came from its first quarter purchase of the deposits and Lancaster branch office of Silvergate Bank of La Jolla. The acquisition brought Americas United’s branch total to three.
In a statement, Chief Executive Adriana Boeka said the acquisition brought in a “significant amount of available funds to be deployed into higher-yielding assets such as loans.”
Shares held steady with thin trading at $6.90 on the over-the-counter market.
A four-story, nearly 77,000-square-foot office building on the Glendale Adventist Medical Center campus in Glendale has sold for $29.9 million.
The Lee Hughes Medical Building at 1500 E. Chevy Chase Drive was purchased by CNL Healthcare Properties Inc. of Orlando, Fla. from Glendale Adventist.
It was constructed in 2008 by Glendale Adventist, which retains ownership of all other buildings on its campus, including its 500-bed hospital tower.
“As a newer, stabilized, on-campus property in one of the nation’s largest metropolitan areas, this property is an attractive fit for our growing portfolio of health care facilities,” said CNL Chief Executive Stephen H. Mauldin, in a statement.
CNL is a real estate investment trust focused on acquiring properties in the senior housing and health care sectors. It has more than $1.4 billion invested in 85 properties in 27 states.
Mark E. Braham, vice president at the Woodland Hills office of Daum Commercial Real Estate, represented CNL in the deal.
A 64-unit apartment complex in Sylmar has traded hands for more than $10 million.
Shadow Trails Apartments, 15520 Foothill Blvd., was purchased by Peter and Barbara Coeler of Newhall from Shadow Trails Apartments LP of Costa Mesa, the builders of the seven-building complex.
The nearly 30-year-old multifamily complex is comprised of 30 one-bedroom apartments, 30 two-bedroom apartments and four studios.
“This is a non-rent controlled property so it offered immediate rental upside, and attractive long-term financing was available,” said Mike Smith, principal of Lee & Associates-LA North/Ventura, who represented the buyer and seller.
Lee Prinicpal Jim Fisher also represented both sides.