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People's Bank turns a profit People's Bank of Commerce has officially passed into the realm of profitability. The two-year-old community bank announced its annual results Thursday and showed a profit of $232,000 for 1999. "It exciting to have passed out of the infant stage," said Mike Sickels, the bank's chief executive. "It's a great springboard for a very successful, future year. We have crossed a threshold." The Medford bank opened in March 1998 and lost $428,000 in that first year. The bank had its first profitable month in April -- 13 months after opening. New banks typically take 18 to 24 months turn a profit, according to state regulators. Sickels said data he just received from the American Banking Association shows that most of the banks founded in 1998 are still showing healthy losses. People's Bank made $159,000 in the fourth quarter, which ended Dec. 31. The bank had $30.2 million in assets, $22.3 million in loans and $24.4 million in deposits as of Dec. 31. The bank has recently moved into more space in its brick building on Biddle Road. The extra space will help it expand its mortgage, construction and small business lending. Today's Edition : News | Sports | Business | Weather | Tempo | Classifieds Mail Tribune Copyright � The Mail Tribune 2000, Medford, Oregon USA