July 13, 1988 |
Every community bank in California can be a top performing bank, Gerry Findley, the state's guru of independent banking, argues in a book due out next month. But many of them first need "redirection, reorientation, reform and renewal," he said. Findley, a Brea-based industry consultant, should know. For 20 years, he has been collecting and evaluating the mass of statistics that the state's 444 banks file with regulators.
May 31, 2000 |
The Los Angeles Community Development Bank, the centerpiece of city efforts to revitalize depressed communities, could be forced to close if a radical restructuring now underway fails, according to a government report and city officials. The federal government's largest response to the 1992 riots, the bank has suffered a series of setbacks to its goal of channeling loans to businesses rejected by conventional lenders in the city's most blighted pockets.
November 22, 1994 |
Legend has it that when Achille Levy, founder in 1882 of Ventura-based Bank of A. Levy, was unsure about making a loan to a farmer, Levy would get up before dawn and drive his carriage to the farmer's house. If the lights were already on, the farmer's work ethic was proven, and he'd get the loan. In a few months, the lights will go out for good at Bank of A. Levy.
July 16, 1996 |
Orange County's community banks continued to improve in the first three months this year, posting combined earnings of $5.7 million, while the county's savings and loans, led by statewide giant American Savings Bank, recorded combined profit of $65.2 million. Stable interest rates and the slowly improving regional economy helped the county's 19 banks and seven S&Ls report higher profits over last year's first quarter. Last year, the locally based banks earned $4.
October 9, 1996 |
The folks at Savings Bank of Mendocino have refinanced Katherine O'Rourke's loan so often, they can't remember how many times they've refigured the amount, redone the paperwork and signed the forms. It's all part of an effort to keep their colorful, beloved 75-year-old neighbor from defaulting on her lender and winding up in Bankruptcy Court. "I've had financial problems and they've helped me," O'Rourke said one recent afternoon while passing time with the clerks and tellers.
January 19, 1994 |
Commercial Center Bank has become Orange County's biggest community bank in spite of a dubious distinction that sets it apart from all other local financial institutions: It has been up for sale longer than many bankers care to remember. Now, though, the Canadian operators of the bank are getting serious about completing a deal this year, and they have hired a Wall Street investment bank to solicit bids, mainly from out-of-state banks. "We have two or three excellent prospects," said C.
CALIFORNIA | LOCAL
February 6, 1998 |
Wells Fargo Bank, Union Bank of California and Bank of America have so far failed to deliver on their pledges to back the federal government's largest ever inner-city lending program, the Los Angeles Community Development Bank. A widely watched experiment in reviving depressed urban neighborhoods through loans to struggling--but promising--entrepreneurs, the development bank counted on the big institutions' commitment to lend $210 million in areas such as Pacoima and South-Central Los Angeles.
August 26, 2010 |
California United Bank, a 5-year-old community bank based in Encino, said Wednesday it would expand its Ventura County operations by acquiring business lender California Oaks State Bank of Thousand Oaks. Under the $17-million deal, shareholders of 12-year-old California Oaks would receive $11.35 a share, half in cash and half in stock. The transaction is expected to close in the fourth quarter, pending approval by regulators. Shares of thinly traded California Oaks soared $4, or 67%, to $10 in over-the-counter trading.
October 22, 2009 |
President Obama, looking to boost lending to small business, will start using some of the leftover federal bailout funds to shore up smaller community banks and induce them to offer credit to firms he called the "backbone of the American economy." Smaller financial institutions are in greater need of capital to grow and expand, whereas the country's large banks have moved past their need for what's left of the $700-billion Troubled Asset Relief Program, Obama said Thursday at a family-owned storage business in suburban Washington.
August 5, 2012 |
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.