Tuesday, October 21, 1997

Holding company's net income increases

By DOUG WILLIAMSON / Business Editor

Independent Bankshares' acquisition of Crown Park Bancshares in Lubbock has hit the bottom line.

The Abilene bank holding company's quarterly report shows a 49-percent increase in net income and a 27-percent rise in assets, mostly attributable to the acquisition.

Income for the first nine months is up 53 percent to $1.6 million, or 86-cents per share. The acquisition added $60.4 million in assets, $41.7 million in loans and $53.6 million in total deposits.

In conjunction with its quarterly report, the company announced a 5-cent per share cash dividend, payable on Nov. 28 to common stock holders of record on Nov. 14.

The company also announced that it has received regulatory approval for four additional full-service branches to be opened in Albertson's supermarkets - two in Abilene and two in Odessa. One in each city will be opened this month and the others during the first half of 1998.

Independent Bankshares owns First State Bank, N.A., of Abilene with two offices each in Abilene and Odessa, and one each in Lubbock, San Angelo, Stamford and Winters. Its stock is traded on the American Stock Exchange.

Abilene home sales looking good

Folks at the Abilene Board of Realtors are smiling.

So far this year, the number homes sold and the dollar volume of the sales are both up 6.6 percent.

September's 91 Multiple Listing Service home sales brought the year's total to 926. That compares favorably to 86 and 869, respectively a year ago.

Total sales volume was $6.6 million for September - an average price of $72,055. For the year, sales volume is $65.7 million, up from $61.6 million.