Profit for Year Triples at First Citizens Bank
First Citizens Bank reported record profits for the fourth quarter and year that ended Dec. 31.
The Sherman Oaks bank said its fourth-quarter profit was $246,000, compared with the 1994 fourth-quarter profit of $92,000. For the year, the profit was $679,000, more than triple 1994’s figure of $213,000.
Assets at the end of the year were $43.1 million, down 8% from $46.7 million a year ago.
The bank said the results came after the bank resolved its last remaining major problem loan.
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