October 25, 2000 |
Founders National Bank, Los Angeles' only black-owned commercial bank, is expected to announce today that it plans to merge with Boston Bank of Commerce in an effort to build the nation's first African American-owned banking chain stretching from coast to coast. The new institution, which would use the Boston Bank of Commerce name, plans to launch with service in Florida, Boston and Los Angeles, areas the two banks currently serve. It hopes to expand in other states with urban markets.
CALIFORNIA | LOCAL
June 3, 2000
The controller of Founders National Bank, Los Angeles' only black-owned and black-operated commercial bank, pleaded guilty in federal court Friday to misappropriating nearly $413,000. Siriluck Hastanand, 47, of La Canada Flintridge admitted transferring the money from the bank's internal accounts to a savings account she held in trust for her daughter. Federal prosecutors said she made 46 money transfers from 1991 through 1997.
January 19, 2000 |
The Democratic National Convention won't hit town until August, when thousands of delegates and journalists are expected to boost the local economy. But some small businesses already have grabbed a slice of the pie.
February 26, 1998 |
Trying to determine whether there's support for opening an Orange County office, Founder's National Bank of Los Angeles is relying on a tried-and-true method: word-of-mouth. Last Saturday, about 35 business owners and community leaders met at Mimi's Cafe in Tustin where officials from the largest black-owned commercial bank west of the Mississippi spoke of expansion plans.
February 19, 1998 |
Shell Oil Co. will team up with Founders National Bank of Los Angeles to expand its reach into underserved communities, in what Founders executives Wednesday called the bank's most significant corporate relationship yet. In addition to $7.5 million in loans over the next three years, Shell, a unit of Royal Dutch/Shell Group, will deposit $1 million and purchase a $250,000 non-controlling equity interest in the South-Central bank, said Founders Chairman Carlton Jenkins.
CALIFORNIA | LOCAL
August 22, 1997
New York's Citibank has invested $250,000 in the stock of Founders National Bank of Los Angeles, the largest black-owned commercial bank west of the Mississippi River. Founders President Carlton J. Jenkins said the Citibank stock purchase was important because it marked the first time the giant bank has teamed up with one in South-Central Los Angeles.