December 19, 2009 |
Two more loss-battered Southern California banks were shut down by regulators Friday and immediately sold to two of the largest financial institutions based in the region. Stung by defaults on tricky adjustable mortgages, 80-year-old First Federal Bank of California was closed by federal savings and loan regulators, with its 39 branches to reopen today as part of OneWest Bank. Pasadena-based OneWest, created early this year from the ashes of collapsed home lender IndyMac Bank, agreed to assume all of First Federal's deposits, so no customers will lose money, the Federal Deposit Insurance Corp.
January 17, 2009 |
Meet the newest U.S. mega-bank: First National Toxic Loan. The federal government appears to be turning back to Plan A in its efforts to bail out the financial system and get banks to lend again. Plan A, as articulated by outgoing Treasury Secretary Henry M. Paulson in September, was to have the government buy bad loans from banks, ridding many institutions of much or most of their worst junk assets.
February 25, 1998 |
Next time you feel tempted to give up the search for debt capital to grow your business, consider these astonishing facts: * According to the World Bank, total bank debt in the United States totals half of our gross domestic product. By way of contrast, total bank debt totals 170% of GDP in Germany, 150% in Japan and 100% in Malaysia. * The U.S. bond market, on the other hand, equals 110% of GDP here. It equals 90% of GDP in Germany and 75% in Japan.
September 10, 1997 |
Los Angeles-based Capital Group Cos., one of America's biggest money management firms, plans to team with Italy's sixth- biggest bank to offer investment funds in that country. The partnership calls for Capital Group and Credito Italiano to jointly market and manage mutual funds and pension funds, bank officials said. The details of the agreement are expected to be announced today.
August 27, 1994 |
Capital Bank Seized, Deposits Sold: La Habra-based Landmark Bank said that it and Commerce National Bank acquired about $72 million of the insured deposits of Downey-based Capital Bank, which was seized by state banking authorities earlier in the day. The Federal Deposit Insurance Corp. was appointed receiver of Capital Bank, whose branches in La Palma, Cerritos and Compton will be consolidated as the new La Palma office of Landmark Bank.
March 5, 1993 |
Amid an escalating back-room battle, federal banking regulators, declaring that tiny First American Capital Bank was insolvent, closed it Thursday. The office of the U.S. comptroller of the currency took its action barely two weeks after the bank filed suit in federal court to try to prevent such a takeover. The court refused to act immediately, and the lawsuit is still pending.