November 7, 2009 |
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.
October 31, 2009 |
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.
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.
June 5, 2001 |
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.
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.