CUB Reports First Year Results

California United Bank said today its assets grew to $178.3 million and its loan portfolio increased to $94.2 million in its first full year of operations. Encino-based CUB said that during the fourth quarter ended Dec. 31, 2006 its assets rose 11.6 percent compared to the quarter ended Sept. 30. The startup lost $1.066 million in the fourth quarter, compared to a loss of $583,000 for the third quarter. The fourth quarter loss includes stock compensation expense, a provision for loan losses and employee severance expenses of $216,000. David I. Rainer, president and CEO of CUB said that the additional provision for loan losses was required because of the growth in the bank’s loan portfolio.