LV financial operators post higher profit

Northern Trust Corp. of Chicago, which opened a trust sales office in Las Vegas in May, posted a second quarter profit of $123 million or 53 cents per share, up from $99.7 million or 43 cents in the year-ago quarter.

First Republic Bank of San Francisco, which operates in the Las Vegas market, said it earned $5.5 million or 59 cents per share in the second quarter vs. $5.8 million or 57 cents in the year-ago quarter as it reduced the number of shares outstanding.

Sun Community Bancorp Ltd. of Phoenix, owner of Nevada Community Bancorp, posted a second quarter profit of $145,000 or 3 cents per share vs. a loss in the year-ago quarter of $225,000.

Assets reached $425 million, up 41 percent in the first six months of 2000. Its Las Vegas-area affiliates include Black Mountain Community Bank, Desert Community Bank and Red Rock Community Bank.

Sun itself is an affiliate of Capitol Bancorp Ltd., a bank development company headquartered in Lansing, Mich.

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