CUB Posts First Profit

California United Bank posted net income for the first time in the second quarter ended June 30. The Encino startup said it earned $31,000 for the quarter or $0.06 per share, compared to a loss of $22,000 or $0.5 per share in the comparable period a year ago. Assets increased nearly 10 percent to $219.3 million compared to the first quarter of 2007 and 54 percent over the quarter ended June 30, 2006. Loans as of June 30 were at $137.4 million, up 14.5 percent over the prior quarter and 165 percent over the comparable period a year ago. Deposits rose 9 percent to $150.5 million over the prior quarter and 52 percent over the year ago period. CUB in May opened its third branch in the Santa Clarita Valley