Chula Vista-based People’s Bank, which in June...
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Chula Vista-based People’s Bank, which in June received a $1-million capital infusion, reported a $232,721 net profit for the third quarter. The bank reported a $41,887 net profit during the same quarter of 1986.
People’s Bank reported a $245,279 net loss for the nine-month period.
The bank expects to report a $400,000 net profit for 1987, said President Pat Hutchins, who linked the third-quarter profit to reduced operating expenses.
People’s Bank in June completed a “quasi-reorganization” and a $1-million capital infusion that offset the bank’s negative retained earnings deficit, Hutchins said.
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