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BUSINESS
April 12, 1989
Southland Bank Merger Advances: Bank of Redlands shareholders have approved the merger of that institution into Pasadena-based Community Bank. Community Bank is paying $9.50 per share, for a total purchase price of about $23 million. Bank of Redlands has six branches in the high-growth Inland Empire and high desert communities of Redlands, San Bernardino, Yucaipa, Fontana and Victorville. Community Bank has 14 business banking centers and branches in Southern California. The final merger is subject to all necessary regulatory approvals.
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BUSINESS
January 19, 2014 | By Stuart Pfeifer
Few regions were hit harder by the Great Recession than the Inland Empire, where foreclosures turned neighborhoods into ghost towns and real estate projects dissolved into weeds and broken dreams. So it's not surprising that four of the five largest banks in the region failed, sunk by risky subprime mortgages and failed construction loans. Citizens Business Bank was the exception. The bank, operated by holding company CVB Financial Corp., limited construction and land development loans to no more than 10% of its portfolio, far less than many of its peers.
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CALIFORNIA | LOCAL
July 16, 2013 | By Maeve Reston and Alejandro Lazo
Former Los Angeles Mayor Antonio Villaraigosa is making his first foray into the private sector, taking a post as a strategic advisor at the Banc of California - an aggressively expanding community bank led by specialists in high finance. Villaraigosa's part-time position advising the bank's chief executive, Steven Sugarman, as well as its board, will allow him to continue pursuing speaking engagements, an affiliation with a university or think tank, and a potential run for governor when Gov. Jerry Brown steps aside . The former mayor declined to reveal his salary or how his compensation would be structured.
BUSINESS
October 8, 2013 | E. Scott Reckard
Five years after Washington bailed out more than 700 banks, the money has become a burden for more than 100 community banks that can't seem to repay it. About a dozen of those are in California, and they are facing increasing pressure as the federal government looks to close out the Troubled Asset Relief Program, or TARP. The banks will soon face a big increase in the annual dividend they must pay the government on its investment - to 9% from 5%. Some of the banks will have to sell out or bring in new shareholders - who might demand control of the institution in exchange for the cash infusion.
CALIFORNIA | LOCAL
July 25, 1997 | DARRELL SATZMAN
The Los Angeles Community Development Bank, established in 1993 to create jobs and spur economic growth in impoverished areas, will open its first satellite office in the city Monday in Pacoima. City Councilman Richard Alarcon, who had pushed bank officials to open the satellite office in his district, will be on hand Monday to welcome the bank to the neighborhood. He will be joined by bank president Robert Kemp and other public officials. "The problem is that Pacoima is so far from downtown.
BUSINESS
December 20, 1996
Monarch Bancorp said it agreed to acquire California Commercial Bankshares, making it the largest community bank company based in Orange County. Monarch said it will issue eight shares for each California Commercial share. The transaction would be worth about $18.50 a share based on Monarch's closing price of $2.31, down 31 cents. California Commercial stock closed at $9.69 per share, up 44 cents.
BUSINESS
May 23, 2000 | Lee Romney
A plastic-bag manufacturer has sued the federally funded Los Angeles Community Development Bank for breach of contract and misrepresentation, alleging that bank officers promised to lend money to the company in 1996, then improperly changed loan requirements in the eleventh hour, contributing to the company's demise. The Los Angeles County Superior Court claim by Los Angeles-based Optiplast Inc.
BUSINESS
June 14, 2000 | LEE ROMNEY, TIMES STAFF WRITER
The federally funded Los Angeles Community Development Bank has lost a battle in its fight to block a multimillion-dollar judgment awarded to a former borrower after a five-week trial. The recent ruling could be serious for the bank, which is now restructuring and must raise tens of millions of dollars in mostly private capital in order to continue operating in the long term. Superior Court Judge William J.
BUSINESS
December 3, 1999 | LEE ROMNEY, TIMES STAFF WRITER
A senior executive from San Marino-based East West Bank has been selected to head the federally funded Los Angeles Community Development Bank, bringing commercial lending savvy to the helm of an institution beleaguered by a tough mandate and bruised portfolio. Community bank officials announced late Thursday that William H. Chu, senior vice president and director of retail banking at the $2.1-billion East West Bank, will assume the post of president and chief executive next month.
BUSINESS
March 26, 1999 | LEE ROMNEY, TIMES STAFF WRITER
Los Angeles Community Development Bank officials have unveiled details of a plan to gain control of their struggling loan portfolio, in part by commissioning an independent review of each borrower, grading the deals on a detailed risk scale, and only funding a limited number of the riskiest ventures.
NEWS
October 7, 2013 | By Evan Halper
WASHINGTON -- Former Los Angeles Mayor Antonio Villaraigosa is taking on another job, and this time it is not at an embattled multilevel marketing company. Villaraigosa is the newest senior fellow at the Bipartisan Policy Center, the Washington-based think tank announced Monday. His role there will be to help develop proposals on infrastructure investment, education and immigration reform. “At a time when our government has been shut down and Washington is mired in a partisan meltdown, I couldn't be prouder to work with an organization that works with both Democrats and Republicans to move our government and nation forward,” the former mayor said in a statement.
CALIFORNIA | LOCAL
July 16, 2013 | By Maeve Reston and Alejandro Lazo
Former Los Angeles Mayor Antonio Villaraigosa is making his first foray into the private sector, taking a post as a strategic advisor at the Banc of California - an aggressively expanding community bank led by specialists in high finance. Villaraigosa's part-time position advising the bank's chief executive, Steven Sugarman, as well as its board, will allow him to continue pursuing speaking engagements, an affiliation with a university or think tank, and a potential run for governor when Gov. Jerry Brown steps aside . The former mayor declined to reveal his salary or how his compensation would be structured.
BUSINESS
June 14, 2013 | By Kenneth R. Harney
WASHINGTON - The refinancing boom may be cooling down, but the move to shorter mortgages - especially 10-year loans among pre-retirees - appears to be accelerating. Some community banks say 10-year mortgages, once an insignificant niche option, are accounting for increasingly large chunks of their business. For example, Rockville Bank in South Windsor, Conn., reports that 10-year loans represented a surprising one-fifth of its total residential mortgage originations in dollar terms last year.
BUSINESS
August 5, 2012 | E. Scott Reckard
He's the ultimate insider at the ultimate insider's bank, the place Frank Sinatra turned to for ransom money when his son Frank Jr. was kidnapped. Michael Jackson partied in his vault. Bram Goldsmith, 89, has seen it all at City National Bank. The son-in-law of one of the founders, he took the reins of the "bank to the stars" in the mid-1970s and remains chairman of the parent company to this day. Launched in 1954, City National's 58-year run stands out in an industry where small banks tend to get gobbled by larger rivals.
NEWS
April 4, 2012 | By Kim Geiger
Defying much of the state party establishment, Democrats in Maryland's 6 th Congressional District chose businessman John Delaney to challenge Republican Rep. Roscoe Bartlett this fall in a district that could help the party regain control of the House of Representatives. Delaney, who was endorsed by former President Bill Clinton and the Washington Post, defeated state Sen. Rob Garagiola, a rising star in Annapolis who had the backing of Gov. Martin O'Malley and a number of other prominent Maryland Democrats.
BUSINESS
September 10, 2011 | By E. Scott Reckard, Los Angeles Times
How do you make a bank that has focused on Latinos more popular among other potential customers? You change its name — say from Banco Popular to Popular Community Bank. Puerto Rico's largest bank is Anglicizing its name outside its home turf. It switched to Popular Community Bank signs last month at its 24 branches in Southern California, where the 117-year-old institution opened its first office in 1975. "It was taking a lot more effort to get new customers who were not Hispanic to bank with us," said Manuel Chinea, senior vice president of retail operations for Banco Popular North America.
BUSINESS
September 12, 2005 | Thomas S. Mulligan, Times Staff Writer
Alden J. McDonald Jr. swept his hand across the upper right side of the New Orleans city map, indicating a broad area south of Lake Pontchartrain on the city's eastern side. "This is our market," he said, "and it's all underwater." McDonald is president and chief executive of New Orleans-based Liberty Bank & Trust, the South's largest African American-owned bank, whose overwhelmingly black clientele is concentrated in districts that were among those hardest hit by Hurricane Katrina.
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
September 9, 2010 | By E. Scott Reckard, Los Angeles Times
A Southern California financial services veteran is launching a fresh bank-buying spree, adding to a wave of private money flooding into California community banks despite the state's high unemployment and depressed real estate. Stephen H. Gordon, who founded Irvine-based Commercial Capital Bancorp in 1998 and sold it to Washington Mutual Inc. for nearly $1 billion in cash in 2006, heads an investment group that agreed this week to pump $460 million into Bay Cities National Bank, a five-branch Redondo Beach institution in need of capital.
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