October 22, 1996
American West Bank, based in Encino, posted a 55% jump in its nine-month earnings. For the period that ended Sept. 30, American West posted a $440,385 profit, compared to net income of $283,306 a year earlier. Assets increased 14% to $65.4 million from a year earlier. Last month, American West Bank agreed to merge with the Bank of Los Angeles and that deal is expected to close in the first quarter of 1997. American West Bank's Chief Executive John Feldman will be CEO of the newly merged bank.
July 30, 1996
American West Bank in Encino has agreed to merge with Bank of Los Angeles, another small community bank based in West Hollywood. The combined institution would have assets of more than $189 million, and five offices in the Los Angeles area. The merger will be completed by the issuance of one share of Bank of Los Angeles stock for each outstanding share of American West Bank. John J. Feldman, American West's president and chief executive, will become president of the new institution.
July 23, 1996
American West Bank reported a $227,184 profit for the six months that ended June 30, a 67% increase from its $135,834 in net income in the same period of 1995. The Encino-based bank said the improvement resulted from growing income and reduced expenses.
February 6, 1996
American West Bank posted a $535,633 profit for 1995, compared with a loss of $31,245 for 1994. In the fourth quarter, the Encino-based bank posted a $252,326 profit, up 12-fold from its $20,381 profit in the same period a year earlier. The quarterly profit includes a $90,000 adjustment to income taxes due to profits from some deferred tax assets. Total assets at year-end were $57.4 million, down 7% from $61.9 million in December 1994.
CALIFORNIA | LOCAL
March 4, 1995 |
The former chief financial officer of American West Bank was sentenced to 18 months in federal prison and ordered to pay back the $305,192.88 he swindled from the institution over a four-year period. Michael Leon, 37, of Riverside County, had faced up to 90 years in prison after pleading guilty to his crimes, but he got a more lenient sentence from U. S. District Judge Mariana Pfaelzer because he cooperated with prosecutors, authorities said.
CALIFORNIA | LOCAL
September 27, 1994 |
The former chief financial officer of American West Bank on Monday pleaded guilty to three counts of bank fraud, authorities said. Michael S. Leon, 37, of Riverside County admitted to FBI investigators that he embezzled more than $280,000 from the San Fernando Valley bank over a four-year period, said Special Assistant U.S. Atty. Steven Jay Katzman. "It is unusual for this sort of fraud to go undetected for that long," Katzman said.