CU Bancorp Revises 3rd-Quarter Results
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In an dramatic revision of its third-quarter results, CU Bancorp, the Encino parent of California United Bank, reported that it actually lost $296,000 for the quarter, rather than the profit of $135,809 it previously stated.
Stephen G. Carpenter, CU Bancorp’s president and chief executive officer, said the revision was related to an upward adjustment in loan-loss provisions, to $745,000. Previously, the bank said it had set aside $370,000 in loan-loss reserves during the third quarter.
Carpenter did not elaborate in announcing the revision in a release, and company officials did not return telephone calls.
With the change, CU Bancorp’s loss for the first nine months increased to $3.12 million, up from $2.76 million previously reported. In the first nine months of 1991, the company posted a loss of $4.9 million.
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