TransWorld Bancorp Earns $1.8 Million in ’91
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TransWorld Bancorp, the Sherman Oaks parent of TransWorld Bank, said it earned $1.8 million for the year that ended Dec. 31, a 26% drop from earnings of $2.4 million a year earlier.
For the three months that ended Dec. 31, TransWorld’s net income fell 8% to $522,000 from $570,000 a year earlier. Assets as of Dec. 31 grew 13%, to $253.5 million from $223.7 million.
The parent company blamed the lower yearly earnings on narrowing interest margins, increased Federal Deposit Insurance Corp. costs and the write-down of one large industrial loan in the third quarter. FDIC costs more than doubled to $225,000 last year compared with 1990, TransWorld said.
TransWorld said that, as in the past three years, it had no real estate as a result of foreclosure at year-end and that it continues to avoid tract loans, loans to highly leveraged borrowers and speculative real estate loans.
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