New City Bank Reports $179,288 Quarter Profit
New City Bank of Orange announced a second quarter profit of $179,288, compared with a profit of $1,278 in the same quarter a year earlier.
Net income for the six months was $255,030, compared with a loss of $101,705 for the first six months of 1984.
Wallace D. Linn, president and chief executive officer, said that New City, which opened in October 1983, had retired its original opening expenses.
Total assets for the bank as of June 30 were $29.9 million, up 92% from $15.6 million on June 30, 1984. Deposits were $26.3 million, more than double the $12.3 million on June 30, 1984.
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