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.
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.
CALIFORNIA | LOCAL
October 6, 1998 |
A Southern California bank with headquarters in Puerto Rico is helping the American Red Cross raise funds for victims of Hurricane Georges. Banco Popular has placed donation canisters at each of its eight Southern California branches, said Mike Powers, a spokesman for the American Red Cross. The bank will collect donations during October and give the funds to the Red Cross to use in Puerto Rico, he said. The Red Cross has also sent 11 volunteers to the island as part of its relief effort.
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.