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BUSINESS
October 31, 2009 | E. Scott Reckard
Regulators seized Los Angeles-based California National Bank on Friday night in the country's fourth-largest bank failure this year. The 68-branch bank, a unit of FBOP Corp., was immediately acquired by the U.S. Bank unit of Minneapolis-based U.S. Bancorp, with no losses to be incurred by depositors, the Federal Deposit Insurance Corp. said. The branches, mostly in Los Angeles and Orange counties, were set to reopen as usual Saturday or Monday as branches of U.S. Bank, which has been expanding rapidly in Southern California.
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BUSINESS
September 1, 2011 | By E. Scott Reckard, Los Angeles Times
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.
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BUSINESS
November 7, 2009 | E. Scott Reckard
Toppled by loan losses and misstated financial reports, San Francisco's United Commercial Bank was shut down by regulators tonight and immediately sold to Pasadena's East West Bancorp, creating by far the largest U.S. bank focused on the Chinese American market. The combination also will be the largest bank based in Southern California, surpassing City National Bancorp. No depositors will lose money in the failure of United Commercial, the Federal Deposit Insurance Corp. said.
BUSINESS
July 6, 2010 | By E. Scott Reckard, Los Angeles Times
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.
BUSINESS
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.
BUSINESS
July 6, 2010 | By E. Scott Reckard, Los Angeles Times
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.
BUSINESS
August 8, 2001 | Bloomberg News
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.
BUSINESS
June 23, 2001 | Bloomberg News
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.
BUSINESS
September 1, 2011 | By E. Scott Reckard, Los Angeles Times
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.
BUSINESS
August 13, 2003 | E. Scott Reckard, Times Staff Writer
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.
BUSINESS
November 7, 2009 | E. Scott Reckard
Toppled by loan losses and misstated financial reports, San Francisco's United Commercial Bank was shut down by regulators tonight and immediately sold to Pasadena's East West Bancorp, creating by far the largest U.S. bank focused on the Chinese American market. The combination also will be the largest bank based in Southern California, surpassing City National Bancorp. No depositors will lose money in the failure of United Commercial, the Federal Deposit Insurance Corp. said.
BUSINESS
October 31, 2009 | E. Scott Reckard
Regulators seized Los Angeles-based California National Bank on Friday night in the country's fourth-largest bank failure this year. The 68-branch bank, a unit of FBOP Corp., was immediately acquired by the U.S. Bank unit of Minneapolis-based U.S. Bancorp, with no losses to be incurred by depositors, the Federal Deposit Insurance Corp. said. The branches, mostly in Los Angeles and Orange counties, were set to reopen as usual Saturday or Monday as branches of U.S. Bank, which has been expanding rapidly in Southern California.
BUSINESS
June 17, 2008 | E. Scott Reckard, Times Staff Writer
When developer Empire Land sought protection in U.S. Bankruptcy Court in Riverside in April, its biggest debt by far -- $5.1 million -- was to PFF Bank & Trust. Southern California's oldest bank, PFF -- formerly Pomona First Federal -- had doubled its loan portfolio to $4 billion over the last decade, in large part by financing residential developers and builders of affordable housing in the Inland Empire.
BUSINESS
August 13, 2003 | E. Scott Reckard, Times Staff Writer
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.
BUSINESS
August 8, 2001 | Bloomberg News
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.
BUSINESS
June 23, 2001 | Bloomberg News
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.
BUSINESS
June 17, 2008 | E. Scott Reckard, Times Staff Writer
When developer Empire Land sought protection in U.S. Bankruptcy Court in Riverside in April, its biggest debt by far -- $5.1 million -- was to PFF Bank & Trust. Southern California's oldest bank, PFF -- formerly Pomona First Federal -- had doubled its loan portfolio to $4 billion over the last decade, in large part by financing residential developers and builders of affordable housing in the Inland Empire.
BUSINESS
June 5, 2001 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
Bank Plus Corp. of Los Angeles, which returned to profitability last year after an ill-fated venture into subprime credit card lending, has agreed to be purchased by the parent of California National Bank in a deal worth about $150 million, bank officials said Monday. Closely held FBOP Corp. of Oak Park, Ill., will pay $7.25 cash for each share of Bank Plus, parent of 30-branch Fidelity Federal Bank, said Bank Plus spokesman Neil Osborne. FBOP officials did not return calls for comment.
BUSINESS
June 5, 2001 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
Bank Plus Corp. of Los Angeles, which returned to profitability last year after an ill-fated venture into subprime credit card lending, has agreed to be purchased by the parent of California National Bank in a deal worth about $150 million, bank officials said Monday. Closely held FBOP Corp. of Oak Park, Ill., will pay $7.25 cash for each share of Bank Plus, parent of 30-branch Fidelity Federal Bank, said Bank Plus spokesman Neil Osborne. FBOP officials did not return calls for comment.
BUSINESS
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.
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