A list of Southern California banks that as of June 6 had not repaid all funds from the U.S. Treasury's Troubled Asset Relief Program, with missed quarterly dividend payments.
Cathay General Bancorp (Cathay Bank)
Headquarters: Los Angeles
Assets: $10.6 billion
Received: $258 million Dec. 5, 2008
Missed payments: None
Status: Expects bank regulators to approve full repayment this year
Comment: Chief Financial Officer Heng Chen: "We think our capital ratios are strong enough to repay."
Pacific Capital Bancorp (Santa Barbara Bank & Trust)
Headquarters: Santa Barbara
Assets: $5.8 billion
Received: $180.6 million Nov. 21, 2008
Missed payments: None
Status: Gerald R. Ford investor group took over troubled institution in April 2010, providing $500 million in new capital. Deal gave Treasury Department 11% stake in bank. Pending sale to UnionBanCal Corp. would more than double Ford's money and yield Treasury Department $166.7 million, 92.3% of initial investment.
Comment: Chief Executive Carl Webb: "Had the bank gone to the FDIC through receivership, the U.S. Treasury and taxpayers would have gotten zero."
BBCN Bancorp (BBCN Bank)
Headquarters: Los Angeles
Assets: $5.2 billion
Received: $122 million: $67 million Nov. 20, 2008, and $55 million Dec. 12, 2008
Missed payments: None
Status: Koreatown giant, created by merger of Nara and Center banks last year, repaid in full last week
Pacific City Financial Corp. (Pacific City Bank)
Headquarters: Los Angeles
Assets: $586 million
Received: $16.2 million Dec. 19, 2008
Missed payments: 12
Status: Reported $1.1-million profit last year after nearly $33 million in losses during 2009 and 2010
Comment: Didn't return calls
Community West Bancshares (Community West Bank)
Headquarters: Goleta
Assets: $623 million
Received: $15.6 million Dec. 19, 2008
Missed payments: One
Status: Bank regulators vetoed May dividend payment because of capital reserve requirements.
Comment: Hopes its return to profitability this year will improve stock price, enabling bank to raise capital from new investors and repay
Broadway Financial Corp. (Broadway Federal Bank)
Headquarters: Los Angeles
Assets: $414 million
Received: $15 million: $9 million Nov. 14, 2008, and $6 million Dec. 4, 2009
Missed payments: Eight
Status: Treasury Department has agreed to trade its dividend-paying shares for non-dividend stock at a 50% discount if Broadway raises $5 million in new capital.
Comment: CEO Wayne Kent-Bradshaw said he hopes to get the deal done this summer. "It's like herding cats, but we're working through the situation with a smile."
NCAL Bancorp (National Bank of California)
Headquarters: Los Angeles
Assets: $341 million
Received $10.5 million Dec, 19, 2008
Missed payments: Four
Status: Agreed June 11 to be acquired by Grandpoint Capital of Los Angeles. Deal will repay Treasury Department in full.
Commonwealth Business Bank
Headquarters: Los Angeles
Assets: $413 million
Received: $7.7 million Jan. 23, 2009
Missed payments: Nine
Status: Restricted by Federal Reserve from paying dividends
Comment: Considering options, including buying back own shares if regulators permit
Western Community Bancshares (Frontier Bank, El Paseo Bank)
Headquarters: Palm Desert and Park City, Utah
Assets: $259 million
Received: $7.3 million Dec. 23, 2008
Missed payments: Eight
Status: Ordered by regulators to raise capital, clean up soured loans and lending procedures, and improve money-laundering defenses
Comment: Chairman Clifford A. Miller and CEO Joseph W. Kiley III didn't return phone calls
ICB Financial (Inland Community Bank)
Headquarters: Ontario
Assets: $221 million
Received: $6 million March 6, 2009
Missed payments: None
Status: Waiting to repay in full until March 2014, when annual dividend rises to 9% from 5%
Comment: Chief Executive James S. Cooper: "TARP was a big help for us, and our strategic plan includes repayment in full — but not today. A 5% dividend is a very inexpensive rate for the capital."
Beach Business Bank
Headquarters: Manhattan Beach
Assets: $298 million
Received: $6 million Jan. 30, 2009
Missed payments: None
Status: Repaid final $300,000 last week. Taken over this week by First PacTrust Bancorp, parent of Pacific Trust Bank of Irvine
Comment: First PacTrust CEO Greg Mitchell: "It's great to be a TARP-free bank."
CalWest Bancorp (South County Bank, Inland Valley Bank, Surf City Bank)
Headquarters: Rancho Santa Margarita
Assets: $159 million
Received: $4.7 million Jan. 23, 2009
Missed payments: Seven
Status: Under regulatory orders to overhaul strategy and management, raise capital, and clean up loans and lending procedures.
Comment: Did not return phone calls
Bank of Southern California
Headquarters: San Diego
Assets: $196 million
Received $4.2 million: $2.2 million April 10, 2009, and 2.0 million Dec. 11, 2009
Missed payments: None
Status: Former First Business Bank is working off backlog of past-due loans, de-emphasizing commercial mortgages at request of regulators. Raised $3 million in new capital last year, mainly from existing shareholders.
