Bank Focused on Equipment Finance Going After Local Business Lending

For the six months through June, CalFirst was the most profitable bank or savings and loan based in OC with a return on assets of 1.74% and net income of $2.7 million, up from $937,000 a year earlier, according to the Federal Deposit Insurance Corp. The return largely was due to a $100 million inves...

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Bibliographic Details
Published inOrange County Business Journal Vol. 32; no. 47; p. 6
Main Author Beighley, Dan
Format Trade Publication Article
LanguageEnglish
Published Newport Beach CBJ, L. P 23.11.2009
Subjects
Banking
Banking industry
Banks
Loans
Local businesses
Marketing
Telecommunications systems
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Summary:For the six months through June, CalFirst was the most profitable bank or savings and loan based in OC with a return on assets of 1.74% and net income of $2.7 million, up from $937,000 a year earlier, according to the Federal Deposit Insurance Corp. The return largely was due to a $100 million investment CalFirst made last year in bonds and mortgage-backed securities, according to Aharonyan. Up until now CalFirst has avoided doing business locally because of "too much competition" and risk with commercial real estate loans, Aharonyan said.
ISSN:1051-7480