F M Bank

A decade-long struggle over nine parking spaces in Long Beach all but ended last week when the state Coastal Commission voted 9 to 1 to lift chains around a paved lot in the Belmont Shore beach community. One commissioner abstained. F&M Bank had awaited permission for employees to park in the lot since 1985, the year it purchased and demolished a house at the site at 207 St. Joseph Ave. The Coastal Commission had final authority over the plan because the lot is only a few blocks from the beach.

Marcus Walker, a dissident member of the family that runs Farmers & Merchants Bank of Long Beach, said he scored a partial victory in a proxy fight. F&M Bank's shareholders elected one of the two directors nominated by Walker, who is leading an investor group that is pressing the closely held bank to make several changes, such as splitting its stock. "I am hopeful the board of directors will seek to enhance shareholder value now," Walker said in a statement.

Marcus Walker, a dissident member of the family that runs Farmers & Merchants Bank of Long Beach, said he scored a partial victory in a proxy fight. F&M Bank's shareholders elected one of the two directors nominated by Walker, who is leading an investor group that is pressing the closely held bank to make several changes, such as splitting its stock. "I am hopeful the board of directors will seek to enhance shareholder value now," Walker said in a statement.

A decade-long struggle over nine parking spaces in Long Beach all but ended last week when the state Coastal Commission voted 9 to 1 to lift chains around a paved lot in the Belmont Shore beach community. One commissioner abstained. F&M Bank had awaited permission for employees to park in the lot since 1985, the year it purchased and demolished a house at the site at 207 St. Joseph Ave. The Coastal Commission had final authority over the plan because the lot is only a few blocks from the beach.

Farmers & Merchants Bank of Long Beach, said to be one of the soundest financial institutions in the country, has failed to make sufficient loan money available to low-income and poor people as required by federal law, according to a recent survey by banking regulators.

The Federal Reserve Board has slapped Farmers & Merchants Bank with a $100,000 fine for allegedly discriminating against elderly and young people applying for credit cards. Bank officers agreed to pay the fine, which was imposed for alleged violations through June 29, but admitted no wrongdoing. "It's just being financially responsible to pay it," said Daniel K. Walker, Farmers & Merchants senior vice president.

Farmers & Merchants Bank of Long Beach is a community bank founded nearly a century ago by C.J. Walker that is still "in the hands of the Walker family," its website proudly points out. To some members of the Walker clan, that's just the problem. A dissident branch of Walker heirs who are F&M Bank shareholders -- led by Marcus Walker, one of C.J.'s great-grandsons -- is challenging the management of the closely held bank headed by his uncle, Chief Executive and President Kenneth G. Walker.

Against a decade of neighborhood opposition, the Long Beach City Council voted 7 to 1 this week to open nine parking spaces in space-squeezed Belmont Shore. For 10 years, the owners of a 3,000-square-foot paved lot at 207 St. Joseph Ave. have wanted to open the area to parking, but their plans were stalled by city regulations and community opposition.

There'll be no more spitting on the Minnesota Twins clubhouse floor. Nor will there be any more gum wrappers lying around or cramped dressing areas. The Twins unveiled the remodeled Metrodome clubhouse, done in the team's colors of red, white and blue with ash wood trim--the same color as baseball bats. "Some of these players make $800,000 a year and they come in five or six hours before a game," said architect David Shea, who was the principle designer for the remodeling.

The Federal Reserve Board has slapped Farmers & Merchants Bank with a $100,000 fine for allegedly discriminating against elderly and young people applying for credit cards. Bank officers agreed to pay the fine, which was imposed for alleged violations through June 29, but admitted no wrongdoing. "It's just being financially responsible to pay it," said Daniel K. Walker, Farmers & Merchants senior vice president.

Farmers & Merchants Bank of Long Beach, said to be one of the soundest financial institutions in the country, has failed to make sufficient loan money available to low-income and poor people as required by federal law, according to a recent survey by banking regulators.