Far East National Bank

Far East National Bank, called the nation's first federally-chartered Asian-American bank, has doubled the space of its headquarters office with a move to the new, $60-million Promenade Towers at 123 S. Figueroa St. Since it was established 11 years ago, the bank's head office was at Sunset Boulevard and Broadway. It also has branches in Chinatown and in Alhambra. The bank was among the first in the nation to operate longer hours and on Saturdays.

Vietnam's central bank has licensed Far East National Bank to open a branch in Ho Chi Minh City, making Los Angeles-based Far East the third U.S. banking company after Citigroup Inc. and J.P. Morgan Chase & Co. with a full-service office in Vietnam. Far East, a subsidiary of the Taiwanese financial firm SinoPac Holdings, was approved to operate in Vietnam for 20 years effective May 20, a central bank official said.

Three Southern California bankers have committed a total of $3 million in home loans to South-Central L.A. residents who fall below conventional underwriting standards. The pledges came in response to a challenge by nonprofit group Operation Hope, a loan intermediary. Union Bank of California Vice Chairman Rick Hartnack, Far East National Bank President Robert Oehler and Hawthorne Savings Chairman Tim Chrisman pledged $1 million from each institution for the loans.

Henry Y. Hwang, chairman of the Far East National Bank, said he remembered well the photographs of legions of Chinese raising the "little red book" of quotations from Chairman Mao in salute. "I thought it would be better if people raised this book," Hwang said. And so he did, showing a group of Chinese businessmen, school leaders and reporters the first Chinese translation of the U.S. Constitution.

Los Angeles-based Far East National Bank plans to acquire a 51% stake in Banco Industrial of Guadalajara. The two banks, which have signed a letter of intent, hope their partnership will boost lending activities to Taiwanese companies that have set up shop in Mexico, mainly in western states. They did not disclose how much Far East will pay for the stake. Far East was acquired in August by Bank SinoPac, one of Taiwan's largest private banks.

Three Southern California bankers have committed a total of $3 million in home loans to South-Central L.A. residents who fall below conventional underwriting standards. The pledges came in response to a challenge by nonprofit group Operation Hope, a loan intermediary. Union Bank of California Vice Chairman Rick Hartnack, Far East National Bank President Robert Oehler and Hawthorne Savings Chairman Tim Chrisman pledged $1 million from each institution for the loans.

Taiwan Bank to Acquire Far East National: Los Angeles-based Far East National Bank agreed to be acquired by Bank SinoPac of Taiwan in a cash deal valued at between $85 million and $90 million. Takeover of Far East, a commercial bank with 10 California branches and a Beijing office, is subject to regulatory approval and is expected to be complete in the first half of 1997.

Worries about the Asian crisis and a slowing U.S. economy notwithstanding, significant investment from Wall Street and Taiwan is flowing into two Southern California banks. In June, Merrill Lynch, Oppenheimer Co., Wellington Fund and 50 other Wall Street institutions, along with wealthy individual investors, put up about $200 million to buy San Marino-based East-West Bank from Indonesian Chinese owners who were in a hurry to sell because of Asian crisis pressures.

Los Angeles-based Far East National Bank plans to acquire a 51% stake in Banco Industrial of Guadalajara. The two banks, which have signed a letter of intent, hope their partnership will boost lending activities to Taiwanese companies that have set up shop in Mexico, mainly in western states. They did not disclose how much Far East will pay for the stake. Far East was acquired in August by Bank SinoPac, one of Taiwan's largest private banks.

Taiwan Bank to Acquire Far East National: Los Angeles-based Far East National Bank agreed to be acquired by Bank SinoPac of Taiwan in a cash deal valued at between $85 million and $90 million. Takeover of Far East, a commercial bank with 10 California branches and a Beijing office, is subject to regulatory approval and is expected to be complete in the first half of 1997.

During the last three years, scandals swirling around Mayor Tom Bradley's Administration have exposed fundamental weaknesses in a local political system once touted as a model of clean government, according to ethics experts, political scientists and elected officials. "It was mythology . . . sold to generations of Angelenos," said Eric Shockman of USC's Unruh Institute of Politics. "We are not 'the city on the hill.'

Phoenix tax attorney J. Paul Brownridge was sworn in Wednesday as the new Los Angeles city treasurer after a unanimous vote of approval from the City Council. Brownridge was selected by Mayor Tom Bradley for the $99,000-a-year job after a 10-month nationwide search to replace former Treasurer Leonard Rittenberg, who resigned last year amid allegations about his role in a scandal involving Bradley's personal finances.

Closing a 17-month investigation of Mayor Tom Bradley's financial dealings, the California Fair Political Practices Commission has decided not to prosecute the mayor for possible violations of state conflict-of-interest laws. The commission studied 20 governmental decisions made by Bradley and found that "most of them never had the potential for being true violations of the Political Reform Act," according to a report released Thursday. The report echoes the findings of City Atty. James K.

Mayoral candidate Nate Holden on Wednesday called for an investigation of Mayor Tom Bradley's role as an adviser to Far East National Bank to determine if it violates the City Charter's requirement for a "full-time" mayor. In a motion filed with the City Council and seconded by council President John Ferraro, the city attorney is also requested to determine if the mayor violated the city's code of ethics.

Vietnam's central bank has licensed Far East National Bank to open a branch in Ho Chi Minh City, making Los Angeles-based Far East the third U.S. banking company after Citigroup Inc. and J.P. Morgan Chase & Co. with a full-service office in Vietnam. Far East, a subsidiary of the Taiwanese financial firm SinoPac Holdings, was approved to operate in Vietnam for 20 years effective May 20, a central bank official said.