December 12, 2000
* FBOP Corp., the closely held parent of California National Bank, agreed to buy PBOC Holdings Inc., which owns People's Bank of California, for about $200 million in cash to expand in Southern California. Each share of Los Angeles-based PBOC will be exchanged for $10, or 8.8% more than its closing price Friday. Oak Park, Ill.-based FBOP plans to merge the 24-branch People's Bank with California National Bank, which operates in Los Angeles.
August 8, 2001 |
PBOC Holdings Inc., the Los Angeles-based parent of People's Bank of California, settled lawsuits with stock owners who claimed they wouldn't get enough for their shares in a $200-million acquisition by FBOP Corp. FBOP, closely held parent of California National Bank, said in December that it would pay $10 a share for the 58% of PBOC it didn't already own. Stockholders filed four lawsuits in Delaware Chancery Court contending PBOC directors had a legal duty to get a better price for the shares.
June 23, 2001 |
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.
September 1, 2011 |
Beach Business Bank, a Manhattan Beach community bank best known for lending to physicians across the country, is being acquired in a $37.2-million deal by a San Diego County-based community bank. The buyer, First PacTrust Bancorp, raised $28 million in fresh capital this summer and is expanding into Los Angeles and Orange counties. The Chula Vista-based parent of Pacific Trust Bank agreed in June to buy Cerritos-based Gateway Business Bank, a three-branch institution with a large home-lending arm, for $17 million.
July 6, 2010 |
Rebates of 5% on debit-card purchases. Bonuses of $100 for new customers. The way things are going, banks in California may start giving away toasters again if you open a checking account. Having battled through the near-meltdown of the economy, America's biggest banks are squaring off in a more traditional war. They're now fighting for retail and small-business customers in the Golden State. Bank of America Corp. and Wells Fargo & Co. have long dominated that market in California.
August 13, 2003 |
Investors who saved a failed Beverly Hills savings and loan during the 1980s S&L crisis have won $94 million in a breach-of-contract lawsuit against the U.S. government, which encouraged such acquisitions by granting accounting breaks that it later reversed. In its decision late last week, the U.S. Federal Court of Claims in Washington ruled that the government must pay damages to investors in Southern California Federal Savings & Loan Assn., a thrift known as SoCal.