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.
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.
August 22, 1998 |
State banking regulators seized the Los Angeles subsidiary of an Indonesian bank that was closed by Indonesian authorities. The California Department of Financial Institutions took over the Los Angeles agency of PT Bank Dagang Nasional Indonesia, the only U.S. branch of the bank, which was one of three large banks shut down by the Indonesian government in an effort to stabilize that country's financial system. The Los Angeles bank's books show assets of $63 million and liabilities of $54.
July 3, 1998 |
Sang Brown is a 78-year-old African American who still lives in the South-Central Los Angeles house he purchased half a century ago and still banks at the same black-owned bank that loaned him the money: Broadway Federal Savings. Brown is not a man who likes change, but change is all around him. His neighborhood, once almost exclusively black, now has a majority of Latinos--and so does his Broadway Federal branch on 45th Street. The branch manager is from the Dominican Republic.
April 18, 1998 |
Western Bancorp on Friday said it agreed to buy Bank of Los Angeles for about $92.5 million in stock, expanding its reach in the Los Angeles area. Western, the Newport Beach-based parent of Santa Monica Bank and Southern California Bank, has $2.1 billion in assets and 29 branches in Los Angeles, Orange and San Diego counties. Bank of Los Angeles will add $275 million in assets and six branches.