October 14, 1997 |
American Commercial Bank of Ventura opened a Camarillo loan production facility in October 1996 with the goal of reaching $3 million in loans. It reached that milestone in a hurry, and now, a year after it first ventured beyond Ventura city limits, the institution is nearing the $6-million mark. Such success has bred confidence in bank officials who recently transformed the Ventura Boulevard loan office into a full-service branch. The bank now has four branches, three in Ventura.
November 22, 1994 |
Legend has it that when Achille Levy, founder in 1882 of Ventura-based Bank of A. Levy, was unsure about making a loan to a farmer, Levy would get up before dawn and drive his carriage to the farmer's house. If the lights were already on, the farmer's work ethic was proven, and he'd get the loan. In a few months, the lights will go out for good at Bank of A. Levy.
November 11, 1994 |
First Interstate Bank, trying to digest its August purchase of Bank of A. Levy in Ventura County, said Thursday that it will close six branch offices in the county, eliminate up to 100 jobs and sell Levy's headquarters building in the city of Ventura. The two banks combined now have 25 offices and employ about 350 people in Ventura County.
August 23, 1994 |
It's less than a month since First Interstate Bancorp, the Los Angeles-based parent of First Interstate Bank, announced plans to acquire the venerable Bank of A. Levy. But two of Levy's small banking rivals are already battling for parts of the business that belonged to Ventura County's largest independent bank. "A big chain bank has swallowed another one of Ventura County's local institutions," laments an advertisement run in local newspapers by Ventura-based American Commercial Bank.
August 9, 1994 |
Half of the San Fernando Valley and Ventura County area's largest banks and savings and loans reported improved earnings during the latest quarter as the recession loosened its grip on the region. But banking executives complained of sagging demand for loans and said that damage from the Northridge earthquake continued to hurt their profits. In the quarter ending June 30, four of the area's eight largest banks and S&Ls reported improved earnings, and two posted profits after year-earlier losses.
August 3, 1994 |
First Interstate Bancorp extended its foray into the fastest-growing regions of the West on Tuesday with the purchase of the Bank of A. Levy, a 112-year-old institution that played a key role in transforming once-rural Ventura County into a budding metropolis. Los Angeles-based First Interstate said it will buy the holding company of Bank of A. Levy, Ventura County's oldest independent bank, for $86.5 million in First Interstate stock.