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Banking Industry Ventura County

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CALIFORNIA | LOCAL
November 28, 1999 | PAMELA J. JOHNSON, SPECIAL TO THE TIMES
The currency looks as foreign as a ruble. But to Ventura County Tax Collector Hal Pittman, it's money from home. Pittman owns the largest known collection of antique bills issued by Ventura County banks at the turn of the century. They are rare, antique bills that chronicle Ventura County's banking history and the families that helped shape the county in the early years. Pittman has spent the past several years in an exhaustive search for the treasured bills.
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CALIFORNIA | LOCAL
November 28, 1999 | PAMELA J. JOHNSON, SPECIAL TO THE TIMES
The currency looks as foreign as a ruble. But to Ventura County Tax Collector Hal Pittman, it's money from home. Pittman owns the largest known collection of antique bills issued by Ventura County banks at the turn of the century. They are rare, antique bills that chronicle Ventura County's banking history and the families that helped shape the county in the early years. Pittman has spent the past several years in an exhaustive search for the treasured bills.
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BUSINESS
August 9, 1994 | GREG MILLER, TIMES STAFF WRITER
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.
BUSINESS
October 28, 1997 | BARBARA MURPHY
Bank of Ventura recorded a third-quarter earnings increase of 59% before taxes over the same period in 1996. For the nine months ended Sept. 30, the bank reported that after-tax earnings rose 15% over the same period a year ago. The bank also reported an asset growth increase of 13%, as compared to the first nine months of 1996. "We're proud to report another quarter of strong performance for the bank," said Joseph D. Kreutz, president and chief executive officer.
BUSINESS
January 11, 1994 | JACK SEARLES
Eight Ventura County bank branches are about to be closed due to consolidations, throwing as many as 100 employees out of work. In one of the moves, Chatsworth-based Great Western Bank will shut down offices of HomeFed Bank in Westlake Village, Ventura, Camarillo and Simi Valley. The closures will take place in February.
BUSINESS
November 11, 1994 | DAVID W. MYERS
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.
BUSINESS
October 28, 1997 | BARBARA MURPHY
Bank of Ventura recorded a third-quarter earnings increase of 59% before taxes over the same period in 1996. For the nine months ended Sept. 30, the bank reported that after-tax earnings rose 15% over the same period a year ago. The bank also reported an asset growth increase of 13%, as compared to the first nine months of 1996. "We're proud to report another quarter of strong performance for the bank," said Joseph D. Kreutz, president and chief executive officer.
BUSINESS
May 19, 1992 | DON LEE, TIMES STAFF WRITER
Major banks and thrifts in the San Fernando Valley and Ventura County generally showed improved financial results during the first three months of 1992. But there were some notable exceptions, and most continued to be hurt by sluggish lending and losses in real estate.
BUSINESS
August 3, 1993 | JILL BETTNER, TIMES STAFF WRITER
The statewide economic downturn, now in its fourth year, and sagging property values in the San Fernando Valley and Ventura County continued to take their toll on local banks and savings and loans in the quarter that ended June 30. Three of the area's eight largest financial institutions, as ranked by total assets, posted losses for the period, including Levy Bancorp, Ventura County National Bancorp and Glenfed Inc. Two others--American Pacific State Bank and Great Western Financial Corp.
BUSINESS
May 18, 1993 | DON LEE, TIMES STAFF WRITER
After taking a pounding in 1992, the region's banking industry continued its sluggish pace in the first quarter as six of the eight largest banks and savings and loans based in the San Fernando Valley and Ventura County saw losses or lower earnings. Among the financial institutions hurt the most were the two big banks in Ventura County, where pressure from real estate losses is mounting. At Ventura County National Bancorp, longtime chief executive William E.
BUSINESS
October 14, 1997 | LEO SMITH, TIMES STAFF WRITER
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.
BUSINESS
November 22, 1994 | GREG MILLER, TIMES STAFF WRITER
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.
BUSINESS
November 11, 1994 | DAVID W. MYERS
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.
BUSINESS
August 23, 1994 | Jack Searles
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.
BUSINESS
August 9, 1994 | GREG MILLER, TIMES STAFF WRITER
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.
BUSINESS
August 3, 1994 | DAVID W. MYERS and MARY F. POLS, TIMES STAFF WRITERS
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.
BUSINESS
September 10, 1991 | PHILIPP GOLLNER, TIMES STAFF WRITER
Some of the nation's biggest banks may be merging, but that isn't stopping some of the smallest ones from trying to survive on their own. Case in point: First National Bank of Ventura. First National, a one-office bank founded in 1988 that caters mostly to small- and medium-sized businesses in Ventura County, is a small fish in a big pond, with assets of only $34.8 million as of June 30.
BUSINESS
March 1, 1994 | Jack Searles
William E. McAleer, who resigned in May as president and chief executive of Ventura County National Bancorp and its key unit, Ventura County National Bank, has started his own company, W. E. McAleer Financial Corp. The firm will operate in three fields--mortgage banking, investment banking and real estate sales. In announcing his new enterprise, McAleer cited "tremendous opportunities" in Ventura County, adding that "traditional financing services are not being responsive to these opportunities."
BUSINESS
May 17, 1994 | DON LEE, TIMES STAFF WRITER
Frank Ures, chairman of American Pacific State Bank in Sherman Oaks, began the year with high hopes of breaking through the region's nagging recession. But then came the Northridge earthquake. "It just put a halt to everything," said Ures. "Financing stopped because people stopped buying. Everybody was sort of numb. For a three-month period, it was like we were in a vacuum." Ures says his bank would have had a terrific first quarter without the earthquake.
BUSINESS
March 1, 1994 | Jack Searles
William E. McAleer, who resigned in May as president and chief executive of Ventura County National Bancorp and its key unit, Ventura County National Bank, has started his own company, W. E. McAleer Financial Corp. The firm will operate in three fields--mortgage banking, investment banking and real estate sales. In announcing his new enterprise, McAleer cited "tremendous opportunities" in Ventura County, adding that "traditional financing services are not being responsive to these opportunities."
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