April 11, 1989
American Commerce National Bank in Anaheim reported record quarterly net income of $491,000 for the first quarter, a 22% increase over $403,000 in earnings for last year's first quarter. Quarterly revenue grew 17% to $2.8 million this year from $2.4 million last year. At the end of March, the bank's assets were $83.2 million, a 7% increase over $77.8 million in assets a year earlier. The bank's total deposits rose 7% to $75.9 million at the end of the period from $71.2 million a year earlier, while total loans fell 3% to $58.4 million from $60.4 million last year.
November 18, 1993 |
Gerald J. Garner, ousted chairman of failed American Commerce National Bank, has sued federal regulators in an effort to recover his Anaheim bank and win $75 million in damages. Garner's lawyer, Robert M. Silverman, said an amended complaint providing details of Garner's claims would be filed late this week or early next week. The banker filed a three-page, bare-bones lawsuit last month to meet a statutory deadline.
September 17, 1993 |
Ousted Anaheim banker Gerald J. Garner has been plotting his counterattack against federal regulators who seized his American Commerce National Bank and has been trying to rally both shareholders and depositors to join him in suing the government. His lawyer, Frank P. Barbaro of Santa Ana, said that the bank was in good financial shape and that no one knew anything different.
February 27, 1996 |
Former Anaheim banker Gerald J. Garner, who battled with regulators through the nine years that his American Commerce National Bank existed, has agreed to a lifetime industry ban and a $167,000 fine to settle accusations that he lied about his bank's condition and misappropriated funds.
December 11, 1996 |
Former Anaheim banker Gerald J. Garner and his wife, Joan, whose assets were placed under control of a federal trustee recently, filed a bankruptcy petition Tuesday, an attorney said. The Garners apparently are seeking to reorganize their assets under Chapter 11 of the bankruptcy code. Their bankruptcy attorney, Joseph A. Eisenberg, said the filing in U.S. Bankruptcy Court in Santa Ana is an effort to settle financial claims.
December 5, 1996 |
A federal judge, finding that former Anaheim banker Gerald J. Garner and his wife have been transferring their property to thwart creditors, has appointed a trustee to take control of their assets. U.S. District Judge George H. King gave the trustee sweeping powers to manage and conserve cash, securities, real estate and other property. The trustee can, for instance, investigate and seek to set aside "any fraudulent transfers" in the last 8 1/2 years.