Charter Pacific Shows Loss by Increasing Reserves
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Charter Pacific Bank in Agoura Hills reported that it lost $74,000 in the third quarter ended Sept. 30 because it increased the reserves it sets aside in case of future real estate losses.
A year earlier, the three-branch bank earned $598,000.
Charter Pacific’s nine-month profit was $690,000, down 51% from a $1.42-million profit in the same period in 1991.
The bank’s assets totaled $86.7 million as of Sept. 30, a 9% increase from the end of 1991.
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