April 28, 2001
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.
March 22, 2001
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.
March 7, 2001
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.
January 20, 2001 |
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.
November 10, 2000
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.
November 4, 2000 |
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.