May 20, 1990 |
California escrow providers are regulated by five state agencies--the departments of Corporations, Insurance, Real Estate, Savings and Loans and Banking. The agency regulating escrow companies in California varies with the escrow firm's organizational structure and the type of escrow the company is permitted to handle. The state's 1,212 independent escrow companies are regulated by the Department of Corporations, with the Federal Trade Commission also handling consumer complaints.
August 23, 1989
Monarch Bank is out from under regulatory restrictions for the first time in three years. The California Department of State Banking recently lifted its order requiring the bank to raise more capital and to correct lending and management problems. In March, federal regulators lifted a similar order. Removal of the restrictions is "a significant step in our recovery," said E. Lynn Caswell, the bank's chairman, president and chief executive. A stock offering last year raised $1.
August 3, 1988 |
California bankers sometimes wonder why some of their simplest marketing plans are subject to regulatory scrutiny. Sunwest Bank in Tustin, for instance, wants to set up an information booth at an Oct. 20 business development conference sponsored by State Sen. William Campbell (R-Hacienda Heights) in the City of Industry. The annual conference, aimed at helping primarily small, minority-owned businesses, "draws a tremendous amount of people," said William J. Mylymok, president of Sunwest Bank.
February 24, 1995 |
State banking regulators said Thursday that they have seized the operations of Izalco Express Services, an Orange County money order company, alleging that it violated banking laws by collecting $1.3 million in deposits from more than 900 customers. Izalco, operated by Roger O. Vega, was put into receivership but allowed to remain open for normal business unrelated to deposit accounts.
March 9, 1995 |
A state-appointed receiver for Izalco Express Services said Wednesday that the money order company, seized by state regulators last month for illegally accepting nearly $1.4 million in deposits, is insolvent and has $700,000 in debts that it can't pay. Part of that loss, though, should be recouped in a sale of the Costa Mesa company, which could occur within a month, Dennis I. Simon of the accounting firm Price Waterhouse LLP said after a brief Orange County Superior Court hearing.
December 5, 1990 |
Independent banks in California are relying more heavily on real estate loans than ever before and, despite a current downturn in the market, will continue to invest much of their money in such loans. That is the finding of a recently released study by Orange County banking consultant Gerry Findley that found that banks had 55.3% of their assets in real estate loans at the end 1989, compared to 27.5% at the end of 1979.