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Wednesday, May 22, 2024
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Branch Opening Cuts Into California Community Bank’s Profit

California Community Bank, which is based in Escondido and has three branches, reported April 24 net income of $13,000 for its first quarter, compared with $110,000 in the like period of 2007.

The bank says increased expenses for the quarter associated with opening a new branch and hiring additional employees caused the lower earnings.

As of March 31, California Community had $146 million in assets, up 18 percent from the prior year’s first quarter; and total loans of $121.6 million, up 27 percent.

It reported zero delinquencies or problem loans.

The bank received regulatory approval to open a fourth branch in Encinitas, which should happen before the end of the quarter.

, Mike Allen

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