Originally created 10/24/98

Bank announces new branch



Aiken-based People's Community Capital Corp., the holding company for People's Community Bank, announced the opening of its new downtown branch at 106A Park Ave. in Aiken.

The location also houses the bank's corporate offices. Officials say the bank will be moved to a more permanent downtown location once property is acquired.

Celebrating the one-year anniversary of its bank, the company reported that total assets approached $33 million during the third quarter ending Sept. 30, an 11 percent increase over the previous quarter and a 55 percent increase since Dec. 31, 1997.

The bank began operations Sept. 22, 1997, and data for that period would not be meaningful as a comparison to current operations.

The bank also experienced growth in loans and deposits. Net loans were up 35 percent from last quarter to $16 million, while deposits were up 14 percent to $23 million over the previous period.

The bank narrowed its loss to $15,000 in the third quarter, compared with losses of $51,000 in the second quarter and $88,000 in the first quarter of 1998.

Peoples Community Capital Corp. operates three offices in Aiken and North Augusta.