August 17, 2001 |
FirstFed Financial Corp. will acquire two California-based banks from City Holding Co., the No. 3 West Virginia bank, for $23 million in cash to gain branches in the Los Angeles area. The transaction is expected to close in the fourth quarter, the companies said. Santa Monica-based FirstFed, the holding company for First Federal Bank of California, will acquire Frontier States Bank and Del Amo Savings Bank. FirstFed shares were unchanged at $34.99 on the NYSE. The bank has $4.
April 23, 2001 |
U.S. Bank's arrival in a Boyle Heights strip mall this month marked a milestone for this under-banked city pocket, becoming what community leaders say is the first new branch to open in the neighborhood in about three decades. Officials at the bank, which is expanding in California after a recent acquisition, say the region's minority consumers--many of whom rely on costly check-cashing services--represent one of the most promising new markets around.
July 16, 2000 |
With so many banks changing in this age of financial mergers, one institution, at least, seemed safe: The Gilmore Bank on 3rd Street, as coolly minimalist and modern as the Farmers Market next door is folksy and quaint. The Gilmore family, which owns the Farmers Market and chartered the bank in 1955, has long resisted overtures to sell. Its permanence seemed further assured by a $1.5-million remodel five years ago that kept intact its original red brick, birch wood and terrazzo state.
March 4, 2000 |
The troubled Los Angeles Community Development Bank on Friday lost the first of several lawsuits filed by former borrowers, a blow that could signal millions of dollars in taxpayer losses and further damage to the publicly funded lender. In a decision issued Friday, Superior Court Judge William J. Birney found the bank breached its contractual responsibility to its borrower and "directly caused the total loss" of Summit Industries, a manufacturer of counter tops and sinks. Birney awarded $7.
CALIFORNIA | LOCAL
February 29, 2000 |
A dye pack accidentally exploded in the vault of a Santa Monica Bank branch in Encino on Monday morning, injuring a teller and temporarily shutting down the bank. The accident happened at 15910 Ventura Blvd. at 8:50 a.m.--before the bank was open--as a teller was carrying a cash drawer through the vault to his window, said bank spokeswoman Marika Cronin-Rose. A dye pack at the bottom of the drawer spontaneously exploded, emitting eye-irritating fumes that filled the vault.
January 26, 2000 |
A lot is riding on efforts to help the Los Angeles Community Development Bank rebound from its troubled past. And much of the hope for a turnaround rests with a driven man with a ready laugh who left his native Hong Kong alone at age 16 to become a banker. William H. Chu took charge of the Community Development Bank last week, becoming the first chief executive with commercial lending experience to head the federally funded institution since it was launched four years ago.