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Founders National Bank

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BUSINESS
March 20, 1991 | James S. Granelli/ Times staff writer
From time to time over the last two years, executives at Landmark Bank in La Habra have talked with their counterparts at Founders National Bank in Brea about a possible merger. When they announced a tentative agreement in December, others in the industry didn't give the deal much of a chance. But the two groups finally reached a definitive agreement in the last week to merge Founders into Landmark for about $2.2 million in cash and $2.7 million in stock.
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BUSINESS
August 12, 2010 | By E. Scott Reckard and Stuart Pfeifer, Los Angeles Times
OneUnited Bank, the financial institution at the center of a congressional ethics investigation involving Rep. Maxine Waters, paid for a luxurious lifestyle for its chairman, including a Porsche and a house on Pacific Coast Highway in Santa Monica despite his having a record that includes arrests and allegations of drug use. The bank has been criticized by regulators in Florida for having an unusually poor record of lending to people in...
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BUSINESS
October 3, 1991 | JAMES S. GRANELLI, TIMES STAFF WRITER
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.
BUSINESS
May 2, 2001 | KAREN ROBINSON-JACOBS, TIMES STAFF WRITER
Founders National Bank, Los Angeles' only black-owned commercial bank, has completed a merger with two East Coast African American-run banks, creating the third-largest black-owned financial institution in the U.S., executives said Tuesday. The move also creates the first African American-owned bank to offer services from coast to coast, and, according to one executive, marks the first merger of two cross-country "community banks."
CALIFORNIA | LOCAL
January 5, 1996
Local black-owned banks are urging African Americans throughout Los Angeles to participate in "Change Bank Day," scheduled for this Saturday. Carlton Jenkins, president of the Founders National Bank, said he and other bank officials are urging African Americans to switch their accounts to one of five black-owned banks or credit unions "to become more fully engaged in recycling their dollars in the spirit of the 'Million Man March.'
OPINION
December 27, 1992
I would like to take this opportunity to applaud Arco's efforts in serving the riot-torn areas of Los Angeles through its generous investment in Founders National Bank (Dec. 17). Arco's continuing dedication to serving the community, as illustrated in your editorial "Putting Money Where the Mouth Is" (Dec. 18), reflects the company's deep commitment to restoring investment and opportunity in the affected areas of Los Angeles. In order to properly address the real problems of distressed areas, the different communities and organizations of Los Angeles must come together in the spirit of unity and togetherness.
BUSINESS
August 20, 1997 | DON LEE, TIMES STAFF WRITER
Seeking to expand in the inner city, the Automobile Club of Southern California has opened its new Travel & Insurance Centers in the lobbies of two community banks in Los Angeles, Founders National Bank and Broadway Federal Bank. Each of the centers will be staffed by three Auto Club employees, who will sign up new members and help existing members with travel reservations and insurance quotes. Thomas McKernan Jr.
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.
BUSINESS
October 25, 2000 | KAREN ROBINSON-JACOBS, TIMES STAFF WRITER
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.
BUSINESS
January 19, 2000 | MARLA DICKERSON, TIMES STAFF WRITER
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.
BUSINESS
February 26, 1998 | Daryl Strickland
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.
BUSINESS
February 19, 1998 | LEE ROMNEY, TIMES STAFF WRITER
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.
BUSINESS
August 20, 1997 | DON LEE, TIMES STAFF WRITER
Seeking to expand in the inner city, the Automobile Club of Southern California has opened its new Travel & Insurance Centers in the lobbies of two community banks in Los Angeles, Founders National Bank and Broadway Federal Bank. Each of the centers will be staffed by three Auto Club employees, who will sign up new members and help existing members with travel reservations and insurance quotes. Thomas McKernan Jr.
NEWS
April 25, 1993 | ERIN J. AUBRY
Two new Founders National Bank branches scheduled to open this month will open in May, said Founders managing director Carlton Jenkins. Jenkins said there has been more paperwork than expected in purchasing the former Security Pacific Bank sites, acquired after Security merged with Bank of America. Transferring Security Pacific accounts to the Crenshaw Boulevard branch near the Baldwin Hills Crenshaw Plaza has also been slow, Jenkins said.
BUSINESS
January 12, 1994 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Declaring a need to promote "grass-roots capitalism," California Treasurer Kathleen Brown on Tuesday unveiled an unusual state program that will guarantee credit to small businesses that have trouble getting conventional loans.
CALIFORNIA | LOCAL
January 7, 1996 | K. CONNIE KANG, TIMES STAFF WRITER
Inglewood real estate agent Lola Bateman happily traded in her 15-year-old Bank of America account for a new one at the black-owned Founders National Bank of Los Angeles on Saturday. "I really feel good about switching," she said with a big smile. "I should've done it a long time ago." South-Central Los Angeles carpenter Melissa Mitchell came with her son, David, 9, to open his first bank account with $100 at Founders National. "It's for David's college," she said modestly.
CALIFORNIA | LOCAL
January 5, 1996
Local black-owned banks are urging African Americans throughout Los Angeles to participate in "Change Bank Day," scheduled for this Saturday. Carlton Jenkins, president of the Founders National Bank, said he and other bank officials are urging African Americans to switch their accounts to one of five black-owned banks or credit unions "to become more fully engaged in recycling their dollars in the spirit of the 'Million Man March.'
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