Published on Thursday, July 17, 2008
By JAHMAL PETERS
Local community banks are announcing second quarter earnings and while many are in the black, the IndyMac Bancorp meltdown has some seeing red.
The events surrounding the Pasadena-based bank drew comparisons to the Crash of 1929 that kicked off the Great Depression and bank officials believe it has taken an unjust toll on the stock prices of their institutions.
"There is no line outside our bank whatsoever," said CVB Financial Corp. (Nasdaq: CVBF) President Chris Myers. "We're actually doing very well financially."
The Ontario-based institution is one of several local banks to boast a strong loan portfolio, only to have its efforts hindered by a nervous market.
While CVB's second quarter earnings have yet to be released, the bank's first quarter earnings were up from the same quarter in 2007, something few banks can boast, Myers said.
Yet CVB's shares continue to slip, down almost 10% in the week through July 15
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