October 3, 1987
American Commerce National Bank in Anaheim posted a record third-quarter net income of $322,000, nearly three times the $109,000 earned in last year's third quarter. The bank also reported a record $835,000 net income in the first nine months, a 51.2% increase over the $552,000 earned in the same period last year. The one-branch bank had $74.3 million in assets at the end of September, a 20.6% increase in the $61.6 million in assets of a year earlier. Deposits at the 3 1/2-year-old bank grew 18.
CALIFORNIA | LOCAL
February 7, 1993
In California, the tourism and travel industry is one of the state's largest industries and generates a significant amount of revenue. It is a vital contributor to the diversity of the state and county economic base, yet it does not burden essential government services. The proposed Disneyland Resort employs thousands of people and creates thousands of additional indirect jobs in visitor-servicing businesses such as hotels, motels, restaurants, retail shops and transportation. At full development, the Disneyland Resort will cement Disney's position as the largest employer in Anaheim.
July 2, 1987
A dissident shareholder of American Commerce National Bank won an Orange County Superior Court order Wednesday giving him access to the Anaheim bank's list of shareholders. Dr. Donald J. Daniel, a former bank director who was not re-elected at the June 25 annual meeting, plans to write to shareholders about Gerald J. Garner, the bank's chairman and chief executive officer, said Daniel's attorney, John P. O'Brien of Orange.
November 5, 1996 |
A federal judge in Los Angeles has frozen the assets of former Anaheim banker Gerald Garner and his wife, Joan, limiting them to $6,000 a month in living expenses. U.S. District Judge George H. King found that regulators are "likely to prevail" in their $10-million lawsuit against the Newport Beach couple over the 1993 failure of American Commerce National Bank. The Federal Deposit Insurance Corp. also has a separate lawsuit pending against the Garners to collect $3.7 million in loans.
July 16, 1986
Fast-growing American Commerce National Bank in Costa Mesa posted second-quarter net income of $176,000, an 11% increase over the $158,000 earned in last year's second quarter. Net income for the first six months rose 48.6% to $443,000 from $298,000. The 2-year-old bank has nearly tripled in size in the last 18 months, rising to $55.3 million in assets at the end of June from $18 million at the end of 1984. A year ago, its total assets were $30 million.
February 22, 1987
American Commerce National Bank in Anaheim nearly tripled its net income in 1986, to $576,000 from $201,000 earned in the previous year. Fourth-quarter net earnings were $24,000, compared with a loss of $12,000 in 1985's last quarter. The earnings came on top of $85,000 in bonus incentives given to the bank's 35 employees in December, said Robert Duncan, the bank's chief financial officer. Gerald J.