Mission Valley Bank Reports Strong Quarter

Mission Valley Bancorp posted strong results in the third quarter and is on pace for a record year, it announced Friday. The Sun Valley holding company that operates Mission Valley Bank reported net income of $1.8 million for the quarter ending Sept. 30, compared with $1 million in the same period a year earlier. Net interest income was up to $8.85 million in the third quarter from $8.36 million from a year ago. Total deposits increased 9 percent to nearly $239 million Chief Executive Tamara Gurney said the bank continues to see the benefits of actions taken in recent years. “Streamlining operations and building efficiencies have produced solid results and enabled us to set the pace for a record year,” she said in a prepared statement. Part of the streamlining included closing its Valencia branch at 25060 W. Avenue Stanford and laying off two employees when its five-year lease on the property expired at the end of March. The closure left the community bank with one branch on Carl Boyer Drive in Santa Clarita and one on Sunland Boulevard in Sun Valley. Shares of the thinly traded stock closed unchanged at $6.50.