Levy Bancorp Reports 32% Rise in Profits

Levy Bancorp, the Ventura parent of Bank of A. Levy, reported that its profit for the second quarter ended June 30 soared 32% to $1.93 million from $1.46 million a year ago. The bank’s assets as of the end of the quarter were $615 million, up 9% from June 30, 1989, when the bank had $565 million in assets.

For the first six months of the year, the bank’s net income increased 32% to $3.77 million from $2.87 million a year earlier.

Separately, Levy Bancorp announced that its directors approved a 10% stock dividend. In addition to a cash dividend of 8 cents per share, shareholders of record as of July 18 will receive one new share of common stock for each 10 shares they own.