OXNARD, Calif. - Ventura County National Bancorp said its two subsidiary banks will add $1 million to their unallocated loan-loss reserve and apply $900,000 to write down specific loan assets to present market values.
W.E. McAleer, president and chief executive officer, blamed the economy.
The company, with an estimated $415 million in assets on Sept. 30, said it is likely to report a $470,000 third-quarter loss and a $300,000 profit for the year's first nine months. The comparable 1991 profit figures were $655,000 and $1.48 million, respectively.