Citizens Bank

El Camino Bank, the profitable, 17-year-old Anaheim institution long courted by many suitors, will be acquired by Citizens Holdings in Costa Mesa, the two companies said Tuesday. Under terms of a definitive agreement, Citizens will buy all the stock of El Camino Bancorp, the bank's holding company, for $16.2 million--about $8.25 a share--and will maintain El Camino's top management and keep its operations separate from Citizens' subsidiary, Citizens Bank of Costa Mesa.

First Citizens Bank, a one-office bank in Sherman Oaks, said it earned $48,283, or 12 cents a share, in this year's first quarter, contrasted with a $67,442 loss a year earlier. The bank, which opened in September, 1986, said its assets as of March 31 climbed 64% from a year ago, from $14.3 million to $23.5 million. Deposits at First Citizens jumped to $20.2 million from $11.1 million a year earlier, and loans outstanding rose from $7.03 million to $12.7 million.

First Citizens Bank, a single-office bank in Sherman Oaks, reported a $157,037 loss in the second quarter, compared with a year-earlier profit of $79,018. The bank said the loss reflected a $100,000 increase in its reserves for possible loan losses, higher operating costs and lower interest income. For the first six months of 1991, First Citizens lost $98,090 compared with a $143,538 profit a year earlier. The bank's assets as of June 30 totaled $34.

Michael Mahoney may be only 29, but he had moxie and he was willing to use it for personal gain. And now he has a 21-month prison term. While he was pleading guilty to accepting bribes to guarantee loans, he also masterminded a scheme to defraud a second bank, Assistant U.S. Atty. Nathan Hochman said. Thursday in U.S. District Court, the Pasadena banker was sentenced to federal prison, and ordered to pay more than $60,000 in restitution to the two banks.

First Citizens Bank, a small community bank in Sherman Oaks, has agreed to be acquired by Cal Fed Bancorp, the holding company for California Federal Bank and the fifth-largest savings and loan institution in the United States. The agreement calls for Cal Fed to pay $9.62 a share for each of the 722,230 outstanding shares of First Citizens common stock, for a total of $6.95 million. The sale is expected to be completed about Sept.

First Citizens Bank, a single-office bank in Sherman Oaks that serves mostly business customers, said its third-quarter profit soared to $100,547, or 27 cents a share, from $17,612, or 4 cents a share, a year earlier. Mark de Gorter, president of First Citizens, attributed the gain to the bank's growing asset base and to making solid loans. The bank's assets as of Sept. 30 totaled $24.7 million, up from $20.

Acquisition-minded Citizens Holdings has reached a tentative agreement to buy Eldorado Bancorp in Laguna Hills for $34 million in cash, a deal that would create Orange County's largest banking company, the two firms said Tuesday. Newport Beach-based Citizens will pay $15 a share to pick up the nine-branch operation of Eldorado's subsidiary, 16-year-old Eldorado Bank in Tustin, according to the letter of intent, which was signed late Monday.

Ninety-two U.S. banks and thrifts failed in 2011, down from 157 in 2010 and 140 in 2009. In a report this week, SNL Financial generated a series of charts that showed the number of failures were far greater during the savings-and-loan meltdown that began in the 1980s and extended into the early '90s. The assets of failed banks peaked in 2008, however. No surprise there: Among the institutions seized by regulators was Seattle's Washington Mutual Bank, the largest savings and loan in the nation with $307 billion in assets and the biggest bank ever to fail . WaMu is now part of JPMorgan Chase & Co. Another big failure that year was Southern California's IndyMac Bank, another savings and loan, which had $32 billion in assets.

Two Orange County banks--El Camino in Anaheim and the troubled Bank of San Clemente--will be taken over by different investors in separate agreements reached Thursday. In a letter of intent, Citizens Holdings, the parent company of Citizens Bank of Costa Mesa, said it will pay $16.3 million in cash to acquire all the stock of El Camino Bancorp, the holding company of El Camino Bank.