Byl Bancorp

The Orange-based holding company for the BYL Bank Group reported third-quarter net income of $1 million, or 41 cents a share, down 29% from the $1.4 million, or 52 cents a share, a year ago. Total assets grew 30% to $367.7 million.

BYL Bancorp said Friday that its shareholders voted to approve the Orange institution's acquisition by First Banks America Inc. for $18.50 a share, or $52 million. The transaction, which is subject to regulatory approval, is expected to be completed during the fourth quarter, BYL said. First Banks, owner of First Bank & Trust, is based in Clayton, Mo. BYL's stock last traded Thursday at $18.15 a share on Nasdaq. First Banks shares closed Friday at $30.

BYL Bancorp said Thursday it agreed to acquire Riverside-based DNB Financial for $20 million worth of stock. Assuming the transaction closes on May 31, BYL will exchange about 4.59 shares at $18.75 a share for each of the 232,423 outstanding shares of DNB stock. BYL will exchange about 1.07 million shares of its stock in the transaction, which has been approved by the boards of both companies. Privately held DNB Financial, with $73.

First Banks America Inc., owner of First Bank & Trust, agreed to pay $52 million in cash for BYL Bancorp of Orange to expand its presence in Southern California. The deal values BYL at $18.50 a share. BYL stock closed at $15, up 35 cents, on Nasdaq, before the news was announced. BYL, which has assets of $278 million, said last month that it terminated a Nov. 1 agreement to be acquired by PBOC Holdings Inc. of Los Angeles, parent of People's Bank of California.

BYL Bancorp in Orange, the holding company for BYL Bank, reported third-quarter net income of $1.01 million, or 40 cents a share, down slightly from earnings of $1.04 million, or 41 cents a share, for last year's third quarter. The company, which has agreed to be acquired by PBOC Holdings Inc., the parent company of People's Bank of California, posted quarterly revenue of $9.3 million, and its assets stood at $294 million at the end of September.

Bank holding company BYL Bancorp said it has completed its acquisition of Riverside-based DNB Financial Corp. for 956,699 shares of stock valued at $21 million. BYL, which is based in Yorba Linda, said each common share of DNB will be exchanged for 4.1162 shares of BYL common stock. Privately held DNB Financial is the holding company for De Anza National Bank. BYL also said its Bank of Yorba Linda unit will change its name to BYL Bank Group, effective Wednesday.

BYL Bancorp, the Orange-based holding company for the BYL Bank Group, said net income for the fourth quarter fell 32% to $892,000 from $1.3 million a year ago. Net income for the year declined 24% to $3.1 million, or $1.21 a share, from $4.1 million, or $1.55 a share. The company attributed the lower results to one-time expenses for converting data processing systems and preparing for Y2K. Total assets increased 11% to $353.7 million.

The holding company for BYL Bank Group posted net income of $627,000, or 24 cents a share, for the first quarter, a turnaround from last year's first-quarter loss of $260,000, or 10 cents a share. Revenue fell 27% to $7.1 million. The Orange-based company said last month that it expected to post break-even results because of a charge it would have to take to cover an allegedly fraudulent mortgage loan scheme perpetrated on the bank.

BYL Bancorp in Orange, the holding company for BYL Bank Group, said Wednesday that its shareholders approved the company's $39-million cash acquisition by PBOC Holdings Inc., a Los Angeles banking company that is considering putting itself up for sale. The purchase price is about $15 a share.

BYL Bancorp, the holding company for BYL Bank Group, said Tuesday that it must repurchase allegedly fraudulent mortgage loans originated by nonemployees and sold to investors, resulting in a first-quarter charge of as much as $1.7 million. The alleged fraud was complex and involved more than 30 persons, including at least 13 businesses run by developers, real estate agents, appraisers, brokers and others, the Orange-based company said in a press release.

BYL Bancorp said Friday it plans to take a charge of $727,000, or 28 cents a share, in the fourth quarter on the anticipated sale of a pool of securities at a loss. In the fourth quarter of the previous year, the Orange-based company earned $892,000, or 35 cents a share, including expenses of about 23 cents a share for conversion of data processing systems and year 2000 readiness costs. Excluding the items, the company earned about $1.5 million, or 58 cents a share. BYL's stock closed at $14.

BYL Bancorp in Orange, the holding company for BYL Bank, reported third-quarter net income of $1.01 million, or 40 cents a share, down slightly from earnings of $1.04 million, or 41 cents a share, for last year's third quarter. The company, which has agreed to be acquired by PBOC Holdings Inc., the parent company of People's Bank of California, posted quarterly revenue of $9.3 million, and its assets stood at $294 million at the end of September.

BYL Bancorp stock rose $3.19, or 30%, to $13.75 a share a day after the parent of People's Bank, PBOC Holdings Inc., agreed to buy the Orange-based owner of BYL Bank in California for $39 million, or about $15 a share in cash.

Two more Southland banks said Thursday they have agreed to be acquired in separate deals, just a day after Inglewood-based Imperial Bancorp announced a $1.2-billion merger with a Michigan-based bank. Orange-based BYL Bancorp, which has been under pressure from investors and regulators for months, said Thursday it signed a merger agreement with PBOC Holdings, parent of People's Bank of California.