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.
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.
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.
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.
March 7, 1990 |
In 1985, Mission Viejo National Bank was at death's door. It had posted a $1.9-million loss for the year and was within the grasp of federal regulators. But the bank has turned its operations around and is making money again. Last year, it was one of the top-performing banks in the state and one of the best in Orange County, according to ratings released by Gerry Findley, a financial consultant in Brea. The Mission Viejo bank excelled with a 4.28% return on assets and a 40.
March 14, 1989
Eighteen of the county's 39 banks made the annual list of Premier Performing Banks put together for the 13th year by longtime industry consultant Gerry Findley of Brea. Of 426 state-based banks, a record 180 are on Findley's list. The criteria are strictly mathematical. To make the list, a bank's annual growth in assets, deposits or operating income must be at least 8%, its return on assets must be at least 1.