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BUSINESS
July 21, 2010 | By E. Scott Reckard, Los Angeles Times
The combination of two Pasadena banks illustrates how opportunistic private investors are taking control of a growing number of recession-battered financial institutions. Professional Business Bank, a community bank under regulators' orders to raise capital, is being acquired by California General Bank, which opened in March 2009 with backing from Carpenter Community BancFund. Headed by Irvine investment banker Edward Carpenter, the private equity fund also owns Bridge Bank in San Jose, Mission Community Bank in San Luis Obispo, Bank of Manhattan in El Segundo and Plaza Bank in Irvine.
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BUSINESS
December 14, 1995 | From Times Wire Services
The banking industry posted record earnings of $13.8 billion in the third quarter, compared with $11.8 billion in the third quarter of 1994, the Federal Deposit Insurance Corp. said Wednesday. The third quarter earnings were higher than the previous record of $12 billion in the second quarter, the FDIC said. FDIC Chairman Ricki Helfer said the outlook for the banking industry "remains positive going forward."
BUSINESS
February 8, 1991 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
A deep recession lasting a year or more could wipe out 440 banks, the chairman of the Federal Deposit Insurance Corp. said Thursday. But he expressed confidence that the industry is healthy enough to bolster the ailing deposit insurance fund. L. William Seidman told the House Budget Committee that his agency, which operates the insurance fund with premiums collected from banks, "can provide a plan to handle losses through late 1991 without any new legislation."
BUSINESS
February 26, 1991 | From Reuters
The insurance fund that backs the nation's troubled banking industry may seek a $10-billion loan to avoid a looming cash crunch, its chairman said Monday. Federal Deposit Insurance Corp. Chairman L. William Seidman, speaking to journalists at a banking industry conference, said the loan should be enough to see the fund through 1991. "But we ought to be looking at further plans for beyond that," Seidman said.
BUSINESS
January 31, 1991 | From Associated Press
The head of the government agency that protects bank deposits said today that the giant insurance fund could be depleted by the end of this year if the recession is longer and deeper than currently expected. William Seidman, the chairman of the Federal Deposit Insurance Corp., said, however, that even if the more pessimistic scenario does develop, the government will be able to replenish the fund with larger contributions from the banking industry.
BUSINESS
December 31, 2008 | ASSOCIATED PRESS
Federal regulators officially rejected a banking industry push to suspend accounting rules that force banks to value assets on their balance sheets at current market prices even if they plan to hold them for years. The Securities and Exchange Commission issued a report to Congress that recommended maintaining so-called mark-to-market rules but suggested improvements to current accounting practices.
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