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California Department Of Financial Institutions

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BUSINESS
July 2, 1997 | (Associated Press)
Gov. Pete Wilson formally announced the opening of a new state Department of Financial Institutions. The reorganization combines previously separate state licensing and regulation of banks, savings and loan associations, credit unions and industrial loan companies into a single agency in the state Department of Corporations. The new agency, created by legislation enacted last year, is headquartered in San Francisco and has branch offices in Sacramento, San Diego and Los Angeles.
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CALIFORNIA | LOCAL
November 23, 1999 | JEFFREY GETTLEMAN
In the state's first forced bank closure since 1994, the state Department of Financial Institutions revoked the license of Pacific Thrift and Loan, a state official said Monday. The Woodland Hills bank was racking up operating losses and unable to generate new loans, said Lynn Owen, acting commissioner of the department. "It was experiencing substantial operating losses and was unable to raise shareholder equity to the statutory requirement," Owen said.
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CALIFORNIA | LOCAL
November 23, 1999 | JEFFREY GETTLEMAN
In the state's first forced bank closure since 1994, the state Department of Financial Institutions revoked the license of Pacific Thrift and Loan, a state official said Monday. The Woodland Hills bank was racking up operating losses and unable to generate new loans, said Lynn Owen, acting commissioner of the department. "It was experiencing substantial operating losses and was unable to raise shareholder equity to the statutory requirement," Owen said.
BUSINESS
July 2, 1997 | (Associated Press)
Gov. Pete Wilson formally announced the opening of a new state Department of Financial Institutions. The reorganization combines previously separate state licensing and regulation of banks, savings and loan associations, credit unions and industrial loan companies into a single agency in the state Department of Corporations. The new agency, created by legislation enacted last year, is headquartered in San Francisco and has branch offices in Sacramento, San Diego and Los Angeles.
BUSINESS
July 25, 2006 | From Bloomberg News
The Securities and Exchange Commission on Monday named Conrad Hewitt, a former California banking official and longtime Ernst & Young executive, to be its chief accountant. Hewitt was commissioner of the California Department of Financial Institutions in 1997-98. He replaces Donald Nicolaisen, who resigned from the SEC post in September.
CALIFORNIA | LOCAL
October 5, 1999
Pacific Crest Capital Inc., Agoura Hills, reported that its subsidiary, Pacific Crest Bank, has filed an application with the California Department of Financial Institutions to convert its state charter from an industrial bank to a commercial bank, in preparation for a future full-service online banking system. Pacific Crest Capital Inc. is a financial holding company offering specialized lending and deposit programs through Pacific Crest Bank.
BUSINESS
August 5, 2005 | From Bloomberg News
Nara Bancorp Inc., a Los Angeles-based retail bank, said it would hire an independent consultant to review its oversight and management as part of an agreement with regulators. In a filing with the Securities and Exchange Commission, Nara Bancorp said the memorandum of understanding also prohibited it from declaring dividends without the prior approval of the Federal Reserve Bank and the California Department of Financial Institutions.
BUSINESS
August 22, 1998 | Liz Pulliam
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.
BUSINESS
November 8, 2008 | E. Scott Reckard, Reckard is a Times staff writer.
Crippled by loans to Inland Empire developers and home builders, Security Pacific Bank of West Los Angeles was shut down Friday by regulators, who said L.A.-based Pacific Western Bank would take over its four branches. Depositors of the failed bank will have their $450 million in accounts transferred to 60-branch Pacific Western, which also is buying some of Security Pacific's loans, the California Department of Financial Institutions and the Federal Deposit Insurance Corp. said.
BUSINESS
March 23, 2012 | By E. Scott Reckard
Regulators have taken over the Telesis Community Credit Union in Chatsworth, saying in a statement that the state-chartered institution had deteriorated to the point where it could no longer operate independently. Telesis will remain open under the conservatorship of the National Credit Union Administration, which insures its accounts for up to $250,000. Administered by NCUA, the national credit union insurance fund is backed by the credit of the federal government. The California Department of Financial Institutions, which closed Telesis late Friday, said members would be able to conduct transactions such as depositing and withdrawing funds, paying existing loans and applying for new ones.
BUSINESS
January 9, 1999 | (Liz Pulliam)
Pacific Thrift & Loan of Woodland Hills said it has agreed to curtail its sub-prime mortgage lending and to boost its capital levels, after federal and state regulators issued corrective action orders. The thrift, a subsidiary of PacificAmerica Money Center Inc., said it agreed to a stipulation from the Federal Deposit Insurance Corp. to boost its risk-based capital level, a cushion used to protect against losses, to 10% by Jan. 31; Pacific's level had dropped to 4.8% as of Sept. 30.
BUSINESS
May 17, 2002 | Bloomberg News.
Wal-Mart Stores Inc. is seeking regulatory approval to buy a small Southern California bank in a move to reduce the amount it pays to process debit card payments. The world's largest retailer said it filed an application with the Federal Deposit Insurance Corp. and the California Department of Financial Institutions for permission to acquire Franklin Bank of California, an Orange-based bank with about $2.39 million in assets.
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