CUB Sees Continued Improvement

California United Bank said assets increased 12 percent to $159.7 million as of Sept. 30 from the prior quarter ended June 30. Deposits at the Encino-based startup bank increased 18.5 percent to $117.1 million versus the prior quarter. The bank, which has been in operation for five full quarters, reported a net loss of $583,000, compared to a net loss of $618,000 for the second quarter of the year. The bank in late October received regulatory approval to sell somewhat more than 1.2 million shares of common stock at $16.50 per share. The offering is expected to close on Dec. 29.