Founders Bank

Citicorp invested $250,000 in Founders National Bank of Los Angeles, the largest black-owned bank in the Western U.S. Founders, which has four branches in South-Central L.A., funds housing and small-business loans. Citicorp's Citibank unit, which has 80 branches in California, will hold preferred stock in the closely held company. Founders said the investment will provide seed capital for its housing-related lending programs. Founders has about 20,000 customers and $105 million in assets.

Ireland's government moved Thursday to take over Anglo Irish Bank, declaring that a plan to inject money into the troubled lender was not enough to secure the future of an institution battered by the collapse of the boom known as the Celtic Tiger. Ireland's Department of Finance said the bank, which had soared for more than a decade in Ireland's unprecedented boom, had a weakened funding position.

Reorganized as a bank in 1991 from the ashes of a failed savings and loan, Founders National Bank's mission has been to help capital-starved South-Central Los Angeles businesses and residents pick themselves up by their bootstraps. Now it's the bank that needs a lift. Last week's earthquake hammered the bank's main offices in South-Central Los Angeles, causing severe structural damage and delaying the bank's expansion and lending plans.

Founders National Bank President Carlton Jenkins has resigned from Southern California's only African American-owned commercial bank, in a move he acknowledged is linked to the Los Angeles institution's purchase by a star-studded ownership team last year.

Acquisition Proceeding: Landmark Bank in La Habra has moved close to completing its $4.9-million acquisition of Founders Bank, a deal that some in the industry didn't think would get this far. Federal and state banking regulators have given their blessing to the deal, leaving only the shareholders of Brea-based Founders and the Securities and Exchange Commission to approve. Under the purchase agreement, Landmark's parent company, Landmark Bancorp, would pay $2.2 million in cash and $2.

Founders National Bank has opened two branches, bringing to fruition a deal it made in January when it bought two sites from Bank of America that were to be closed. The branches, at Crenshaw Boulevard and Stocker Street and at Western Avenue and 43rd Street, give Founders five facilities. The other branches are in the Crenshaw district on King Boulevard, in Compton and Gardena.

Founders National Bank has opened two new branches, bringing to fruition a deal it made last January when it bought two sites from Bank of America that were to be closed. The branches, at Crenshaw Boulevard and Stocker Street and at Western Avenue and 43rd Street, bring the number of Founders branches to five. The other branches are in the Crenshaw district on King Boulevard, in Compton and Gardena.

Founders National Bank President Carlton Jenkins has resigned from Southern California's only African American-owned commercial bank, in a move he acknowledged is linked to the Los Angeles institution's purchase by a star-studded ownership team last year.

Comedian Elaine Boosler may have canceled her show at the California Theatre tonight, but that doesn't mean San Diego is without laughs. Tonight is the grand opening benefit bash for the Underground at the Lyceum. More than 20 performers will present a retrospective Best of the Underground in 1989 at 10:30 tonight , along with a buffet and no-host bar.

Ireland's government moved Thursday to take over Anglo Irish Bank, declaring that a plan to inject money into the troubled lender was not enough to secure the future of an institution battered by the collapse of the boom known as the Celtic Tiger. Ireland's Department of Finance said the bank, which had soared for more than a decade in Ireland's unprecedented boom, had a weakened funding position.

Citicorp invested $250,000 in Founders National Bank of Los Angeles, the largest black-owned bank in the Western U.S. Founders, which has four branches in South-Central L.A., funds housing and small-business loans. Citicorp's Citibank unit, which has 80 branches in California, will hold preferred stock in the closely held company. Founders said the investment will provide seed capital for its housing-related lending programs. Founders has about 20,000 customers and $105 million in assets.

Reorganized as a bank in 1991 from the ashes of a failed savings and loan, Founders National Bank's mission has been to help capital-starved South-Central Los Angeles businesses and residents pick themselves up by their bootstraps. Now it's the bank that needs a lift. Last week's earthquake hammered the bank's main offices in South-Central Los Angeles, causing severe structural damage and delaying the bank's expansion and lending plans.

Founders National Bank has opened two branches, bringing to fruition a deal it made in January when it bought two sites from Bank of America that were to be closed. The branches, at Crenshaw Boulevard and Stocker Street and at Western Avenue and 43rd Street, give Founders five facilities. The other branches are in the Crenshaw district on King Boulevard, in Compton and Gardena.

Founders National Bank has opened two new branches, bringing to fruition a deal it made last January when it bought two sites from Bank of America that were to be closed. The branches, at Crenshaw Boulevard and Stocker Street and at Western Avenue and 43rd Street, bring the number of Founders branches to five. The other branches are in the Crenshaw district on King Boulevard, in Compton and Gardena.

The man who guided ITT Federal Bank in Newport Beach through rapid growth to more than $1 billion in assets has been hired as president of Home Savings of America in Irwindale. Fredric J. Forster, 48, will take the reins of the nation's largest savings and loan, with $47 billion in assets, on March 1. He will succeed Charles R. Rinehart, 45, who was promoted to the new position of vice chairman at Home Savings. The move comes at a time when ITT Federal is poised for growth, Forster said.

Landmark Bank, moving to establish itself as the dominant independent bank in north Orange County, has lowered its purchase price for Founders National Bank by $400,000 to reflect losses at the Brea bank. Landmark, which has received all regulatory approvals to buy Founders for $4.9 million in cash and stock, must submit the revised agreement to the Securities and Exchange Commission. State and federal banking regulators will also be notified of the price change.

The man who guided ITT Federal Bank in Newport Beach through rapid growth to more than $1 billion in assets has been hired as president of Home Savings of America in Irwindale. Fredric J. Forster, 48, will take the reins of the nation's largest savings and loan, with $47 billion in assets, on March 1. He will succeed Charles R. Rinehart, 45, who was promoted to the new position of vice chairman at Home Savings. The move comes at a time when ITT Federal is poised for growth, Forster said.

Lusk--as in the Lusk Co.--is a household word in the Southern California housing and construction industry. Its imprint is on more than 30,000 homes and now, in its 40th anniversary year, the Irvine-based firm does more than $240 million worth of business annually in residential, commercial and industrial real estate and construction. John Lusk, the energetic founder of the pioneer firm, has no intention of slowing down.

Acquisition Proceeding: Landmark Bank in La Habra has moved close to completing its $4.9-million acquisition of Founders Bank, a deal that some in the industry didn't think would get this far. Federal and state banking regulators have given their blessing to the deal, leaving only the shareholders of Brea-based Founders and the Securities and Exchange Commission to approve. Under the purchase agreement, Landmark's parent company, Landmark Bancorp, would pay $2.2 million in cash and $2.

Comedian Elaine Boosler may have canceled her show at the California Theatre tonight, but that doesn't mean San Diego is without laughs. Tonight is the grand opening benefit bash for the Underground at the Lyceum. More than 20 performers will present a retrospective Best of the Underground in 1989 at 10:30 tonight , along with a buffet and no-host bar.