In Briefs: BKLA Turns a Profit, Reversing '94 Losses

WEST HOLLYWOOD, Calif. - BKLA Bancorp, the parent of Bank of Los Angeles, earned $66,000 in the second quarter, bringing the earnings for the six months ended June 30 to $4,000, as compared with losses of $356,000 and $554,000 for the same periods in 1994.

In addition to higher earnings, BKLA made progress on the regulatory front. The company's $3.5 million in new capital infused on March 30 led to the removal of a cease and desist order by the Federal Deposit Insurance Corp., BKLA officials said.

BKLA is on track to buy Beverly Hills-based World Trade Bank in the fourth quarter.

Chairman M.J. Burford said the company is preparing a rights offering to its existing shareholders granting them the right to purchase 2.5 shares of stock for every share they presently own. The shares will be offered at 75 cents, and for every three shares purchased a warrant will be issued to purchase an additional share within three years at 75 cents.

The company will offer a maximum of about 3.3 million shares and 1.1 million warrants in this offering.

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