Independence Bank Posts $800,000 Loss

Independence Bank in Encino said it recorded a loss of $800,000 in the fourth quarter of 1989, compared to a profit of $2.4 million for the same period a year earlier. The bank said its assets were $639.8 million as of Dec. 31, 1989, an increase of 6% from $605.8 million a year before.

Independence Bank’s net income for the full year 1989 declined 78% to $1.09 million from $4.9 million in 1988.

Independence Chairman Fulvio Dobrich attributed the results to writeoffs in Independence’s loan and investment portfolio totalling $3.5 million in 1989, and an increase in loan loss reserves to $3.6 million at Dec. 30, 1989 from $2.9 million a year earlier.