Ventura County Bank Sees Higher 4th-Quarter Profit

Ventura County National Bancorp, the Oxnard-based parent of Ventura County National Bank, expects to report a slight increase of 2% in its fourth-quarter profit, to about $698,000 from $686,000 a year earlier, the bank’s president told Dow Jones News Service.

William E. McAleer, who is also Ventura County National’s chief executive, said the company’s profit for all of 1990 will be $3.4 million to $3.6 million, up from $2.8 million the previous year. Ventura County National’s assets on Dec. 31 were about $400 million, he said.

The higher earnings partly reflect a full year of profits from Frontier Bank in Orange County, which Ventura County National acquired in October, 1989, McAleer said. But the Frontier acquisition, and other expansion moves by the company, also created “a substantial number of expenses to accommodate growth,” McAleer said.