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BUSINESS
June 4, 1985 | BILL RITTER, San Diego County Business Editor
The president and chief executive of the fledgling Capital Bank of Carlsbad on Monday announced his resignation just six months after the bank's opening. Edward E. Schmidt said he has received an "excellent offer" from an unidentified company outside the banking industry that "a small, independent bank couldn't be expected to match." Assets at Capital Bank, a subsidiary of Coronado-based Crown Bancorp, have ballooned from $4 million to $9.8 million since the bank opened in December.
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BUSINESS
May 31, 2010 | By E. Scott Reckard, Los Angeles Times
The seven offices of Sun West Bank in Nevada are scheduled to reopen Tuesday as part of City National Bank, which scooped up a failed bank from the Federal Deposit Insurance Corp. for the third time in five months. Las Vegas-based Sun West, shut down by Nevada regulators Friday night, had about $352 million in assets at the end of April and $311 million in deposits, virtually all of which will be assumed by City National. About $252 million of the assets are loans on which the FDIC will share losses, City National said.
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BUSINESS
May 12, 1987 | DANIEL AKST, Times Staff Writer
Valley State Bank, an Encino financial institution buffeted by loan losses and a $600,000 embezzlement, has agreed to be acquired by Capital Bank of California in a stock transaction not likely to exceed $3 million, Capital chairman Abel Holtz said. Capital, a unit of Miami-based Capital Bancorp, is based in Century City. Valley State's five offices are all in the San Fernando Valley, and, Holtz said, the acquisition offers an opportunity to expand into the Valley market.
BUSINESS
May 5, 2010 | By David Pierson, Los Angeles Times
China's leading stock exchange continued its long slide Tuesday, tumbling to its lowest close in seven months after the central government introduced another measure over the weekend to try to slow the nation's surging economy. The Shanghai composite index, which was closed Monday for Labor Day , fell 1.2% in response to a central-bank announcement Sunday that it would require Chinese banks to increase the amount of capital they hold in reserve, the third such increase this year.
BUSINESS
October 20, 1989 | From Times Wire Services
Five Western and three Soviet banks will open the first mixed capital bank in the Soviet Union to finance the growing number of joint ventures. A spokeswoman for Credit Lyonnais said today that the new bank will be 60% owned by its Western partners and have working capital of $160 million.
BUSINESS
April 15, 1986
Daniel M. Holtz has been named executive vice president of Capital Bank of California, Century City, an affiliate of Capital Bank, Miami.
BUSINESS
August 27, 1994 | From Times Staff and Wire Reports
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.
BUSINESS
December 12, 1986 | GREG JOHNSON, Times Staff Writer
Crown Bancorp on Thursday announced a $1.3-million agreement to sell its Capital Bank of Carlsbad subsidiary to WHEC Inc., a newly formed bank holding company. The agreement, which includes a "variable purchase" clause that could boost the sale price to $1.6 million, "represents a very sizable premium over Capital Bank's book value . . . (and will) . . . "increase Crown's capital accordingly," according to a Crown Bancorp Chairman Philip Akre.
BUSINESS
December 19, 2009 | By E. Scott Reckard
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.
BUSINESS
January 17, 2009 | TOM PETRUNO
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.
BUSINESS
February 25, 1998 | Juan Hovey
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.
BUSINESS
September 10, 1997 | From Bloomberg News
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.
BUSINESS
August 27, 1994 | From Times Staff and Wire Reports
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.
BUSINESS
March 5, 1993 | JAMES S. GRANELLI, TIMES STAFF WRITER
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.
BUSINESS
August 4, 1992 | DON LEE, TIMES STAFF WRITER
Citing continued weakness in the economy, Citadel Holding Corp., the Glendale parent of Fidelity Federal Bank, saw its earnings tumble 37% in its second quarter and cautioned that it may not be able to meet future federal capital requirements. In the three months ended June 30, Citadel earned $4.5 million, down from $7.1 million a year earlier, primarily because it increased provisions for future loan and real estate losses.
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