Town Crier Staff Report
For its second quarter report, The Bank of Los Altos reported earnings of $265,000, compared to $250,000 for the same quarter in the previous year. Six months results show income of $538,000, 42 cents per share, compared to $425,000, 36 cents per share, for the same period in 1997.
In the last three months the Bank of Los Altos opened two new offices: one is in Los Altos and focuses on mortgage and construction lending; the second is a full-service banking office in Mountain View at Grant Road and El Camino Real.
"By offering four personal-service locations, continuous courier service and PC - online - banking, we believe we will be able to continue the growth of the bank in our immediate area without compromising our goal of providing the 'best banking service in town,' " said Jim Wall, president of the Bank of Los Altos.
The second quarter report also announced a two-for-one stock split for shareholders effective July 31.
The Bank of Los Altos is the sole subsidiary of Western Holding Bankcorp. Maintaining a holding company provides additional vehicles that are not available to banks and allows the bank to expand into other financial businesses.
"Our growth is attributed to all areas of the bank, especially construction lending and loans to businesses," Wall said. "A newly formed Small Business Administration Department is also generating new loan and deposit businesses for the bank."
As of June 30, total assets were $137.8 million, an increase of $40.5 million or 41.7 percent over June 1997. Total deposits were $120.6 million, an increase of $33.7 million or 38.7 over the previous year report.
For more information on the quarterly profit and different locations of the Bank of Los Altos offices, contact www.bankoflosaltos.com on the World Wide Web or call 941-9300.