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Article Excerpt
Atlantic Pacific Bank (OTCBB:APFB) reported that it has continued to increase its level of earnings and has achieved its fourth consecutive profitable quarter as a de novo bank. The bank reported net income for the quarter totaling $101,000 and year-to-date earnings totaling $171,000 for the period ending June 30, 2009, respectively. The de novo bank opened for business July 10, 2006.
Assets totaled $72,784,000 at June 30, 2009, representing an increase of 15.6% over March 31, 2009 and an increase of 39.7% over June 30, 2008. At June 30, 2009, the bank's net loans totaled $55,490,000...
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