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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Banks Post Solid Results For 1996

Two local banks Washington Trust and United Security - have reported solid financial results for 1996.

United Security Bancorporation will reward investors with a 10 percent stock dividend. United will issue the stock Feb. 25 to holders of record Feb. 10. A similar dividend was paid last February.

President William Dashiell said stock dividends enhance shareholder value by increasing the liquidity of the company, which is the parent of Spokane-based United Security Bank and Sunnyside-based Home Security Bank.

Last month, United reported earnings of $3.7 million, or $1.11 per share, for 1996. Assets grew to $231.2 million, and return on assets was 1.71 percent.

The results were slightly below those of a year ago, but the 1995 figures reflected several extraordinary items.

Dashiell noted that loan growth was particularly strong, up 24 percent to $176.7 million from $141.9 million at the end of 1995.

Washington Trust Bank experienced a 14 percent increase in net income to $15.8 million. Assets grew almost 4 percent to $1.24 billion, and return on assets reached 15.19 percent.

Washington Trust will merge with its Idaho affiliate, Northern State Bank, next month, creating a single entity with 31 branches in the Columbia Basin, Spokane and North Idaho areas.

, DataTimes