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BUSINESS
December 12, 2000
* FBOP Corp., the closely held parent of California National Bank, agreed to buy PBOC Holdings Inc., which owns People's Bank of California, for about $200 million in cash to expand in Southern California. Each share of Los Angeles-based PBOC will be exchanged for $10, or 8.8% more than its closing price Friday. Oak Park, Ill.-based FBOP plans to merge the 24-branch People's Bank with California National Bank, which operates in Los Angeles.
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BUSINESS
June 5, 2001 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
Bank Plus Corp. of Los Angeles, which returned to profitability last year after an ill-fated venture into subprime credit card lending, has agreed to be purchased by the parent of California National Bank in a deal worth about $150 million, bank officials said Monday. Closely held FBOP Corp. of Oak Park, Ill., will pay $7.25 cash for each share of Bank Plus, parent of 30-branch Fidelity Federal Bank, said Bank Plus spokesman Neil Osborne. FBOP officials did not return calls for comment.
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BUSINESS
June 5, 2001 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
Bank Plus Corp. of Los Angeles, which returned to profitability last year after an ill-fated venture into subprime credit card lending, has agreed to be purchased by the parent of California National Bank in a deal worth about $150 million, bank officials said Monday. Closely held FBOP Corp. of Oak Park, Ill., will pay $7.25 cash for each share of Bank Plus, parent of 30-branch Fidelity Federal Bank, said Bank Plus spokesman Neil Osborne. FBOP officials did not return calls for comment.
BUSINESS
December 12, 2000
* FBOP Corp., the closely held parent of California National Bank, agreed to buy PBOC Holdings Inc., which owns People's Bank of California, for about $200 million in cash to expand in Southern California. Each share of Los Angeles-based PBOC will be exchanged for $10, or 8.8% more than its closing price Friday. Oak Park, Ill.-based FBOP plans to merge the 24-branch People's Bank with California National Bank, which operates in Los Angeles.
BUSINESS
July 10, 2002 | E. Scott Reckard
Fidelity Federal Bank, a Glendale savings and loan, will pay $1.6 million to settle a Justice Department lawsuit alleging it violated the Equal Credit Opportunity Act by discriminating against sub-prime credit card customers who were Latino or on welfare, the government said. Third parties marketed the credit cards during the 1990s to high-risk borrowers in New York, Mississippi and Alabama, Fidelity President Greg Mitchell said. He said FBOP Corp., an Oak Park, Ill.
BUSINESS
February 8, 1996 | Times Staff and Wire Reports
CalFed to Sell San Diego Branches: The subsidiary of California Federal Bancorp said that selling the six branches will help it concentrate on its core markets in the Los Angeles and San Francisco areas and Nevada. The branches, with $380 million in deposits, will be sold to Regency Savings Bank, a subsidiary of FBOP Corp. in Oak Park, Ill. Terms of the sale were not disclosed.
BUSINESS
August 8, 2001 | Bloomberg News
PBOC Holdings Inc., the Los Angeles-based parent of People's Bank of California, settled lawsuits with stock owners who claimed they wouldn't get enough for their shares in a $200-million acquisition by FBOP Corp. FBOP, closely held parent of California National Bank, said in December that it would pay $10 a share for the 58% of PBOC it didn't already own. Stockholders filed four lawsuits in Delaware Chancery Court contending PBOC directors had a legal duty to get a better price for the shares.
BUSINESS
June 23, 2001 | Bloomberg News
First Banks America Inc., owner of First Bank & Trust, agreed to pay $52 million in cash for BYL Bancorp of Orange to expand its presence in Southern California. The deal values BYL at $18.50 a share. BYL stock closed at $15, up 35 cents, on Nasdaq, before the news was announced. BYL, which has assets of $278 million, said last month that it terminated a Nov. 1 agreement to be acquired by PBOC Holdings Inc. of Los Angeles, parent of People's Bank of California.
BUSINESS
November 30, 2000 | Bloomberg News
PBOC Holdings Inc., the parent company of People's Bank of California, said it's considering a sale of the company and has hired Keefe, Bruyette & Woods Inc. and Sandler O'Neill & Partners as advisors. The Los Angeles-based company said it's seeking ways to increase its share price. Chief Financial Officer Mike Holmes said a sale is one possibility but declined to specify other options. PBOC Holdings shares rose 19 cents to close at $8.94 on Nasdaq. The 52-week high was $9.94 on Jan. 18.
BUSINESS
November 22, 2008 | E. Scott Reckard and Tiffany Hsu, Reckard and Hsu are Times staff writers.
Federal regulators seized Downey Savings & Loan and PFF Bank & Trust late Friday, saying hundreds of millions of dollars in bad loans from the housing bubble had rendered the Southern California banking fixtures unsound. The banks' branches will continue operating as usual under the ownership of Minneapolis-based U.S. Bank, one of the country's largest banks, and no depositors will lose any money because of the failures, regulators said. Newport Beach-based Downey lost $547.
BUSINESS
October 31, 2009 | E. Scott Reckard
Regulators seized Los Angeles-based California National Bank on Friday night in the country's fourth-largest bank failure this year. The 68-branch bank, a unit of FBOP Corp., was immediately acquired by the U.S. Bank unit of Minneapolis-based U.S. Bancorp, with no losses to be incurred by depositors, the Federal Deposit Insurance Corp. said. The branches, mostly in Los Angeles and Orange counties, were set to reopen as usual Saturday or Monday as branches of U.S. Bank, which has been expanding rapidly in Southern California.
BUSINESS
February 25, 2002 | KAREN ROBINSON-JACOBS, TIMES STAFF WRITER
Family Savings Bank, a long- standing black-owned financial institution in South Los Angeles, has received at least four acquisition offers--including one from FBOP Corp., an Illinois-based holding company that has aggressively expanded into Southern California by snapping up community banks, bank officials confirmed.
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