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BUSINESS
February 28, 1985 | NILDA WEGLARZ
Laguna Bank reported profits of $125,000 for fiscal 1984, a turnaround from a $434,000 loss posted during 1983. The Laguna Beach-based bank also reported a reversal for its fourth quarter, ended Dec. 31, recording earnings of $11,200, compared with a loss of $161,000 in the final three months of 1983.
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CALIFORNIA | LOCAL
September 4, 1997
A bank robber whose note demanded "10s, 50s and 100s" escaped from a Bank of America with an undisclosed amount of cash Wednesday. The Sheriff's Department said the robbery occurred at 3:30 p.m. at the branch on Paseo de Valencia. The robber did not show a weapon. He was described as white, about 6 feet, 1 inch tall, 180 pounds, blond, wearing a tan, long-sleeved shirt, metallic silver pants, black shoes and a baseball cap, officials said.
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BUSINESS
March 18, 1992 | JAMES M. GOMEZ, TIMES STAFF WRITER
Orange National Bank, seeking to establish a foothold in South County, announced Tuesday that it has signed a letter of intent to purchase a financially troubled two-branch bank in Laguna Beach for about $800,000. The acquisition of Laguna Bank N.A. would allow the Orange-based institution to expand its banking operation into an area expected to grow strongly in the next few years, said Orange National chief executive Wayne F. Miller. "We see this as a unique opportunity," Miller said Tuesday.
CALIFORNIA | LOCAL
December 18, 1996
A man who wore a surgical mask and gloves to rob an Eldorado Bank was arrested Tuesday after a security officer spotted him walking to his car with a shopping bag full of cash. John James Quinn, 56, of San Clemente was booked into the Orange County Jail in connection with the case. A man entered the bank in the 24000 block of Calle de la Plata about 3:50 p.m. and robbed a teller at gunpoint, Sheriff's Lt. Lynn Nehring said.
BUSINESS
July 16, 1991 | From a Times Staff Writer
Nearly a year after agreeing to a merger, Monarch Bank and Laguna Bank have called the merger off. Executives at the two Orange County banks could not be reached for comment Monday. A press release said the transaction "would not now be in the best interest of either party." Laguna Bank in Laguna Beach lost $166,000 in the first quarter. It lost $452,000 last year. Monarch Bank in Laguna Niguel earned only $20,000 for the first quarter. Second-quarter results were not available.
BUSINESS
February 4, 1988 | JAMES S. GRANELLI, Times Staff Writer
Directors of Laguna Bank have signed a final agreement with a Chicago investment group that will give the investors 29% of the bank's shares for $860,000 cash. Only regulatory approvals are needed to complete the transaction, said Richard Stenton, the bank's chairman. The investment group is buying 119,900 shares of authorized but unissued stock at $7.17 a share. The group is headed by First Oak Brook Bancshares, an Oak Brook, Ill.
BUSINESS
December 18, 1987 | JOHN O'DELL, Times Staff Writer
A Chicago area investment group that includes a bank holding company said Thursday it has agreed to buy 29% of Laguna Bank for $857,000. The deal could open the door to an acquisition of one-office Laguna Bank by Illinois-based First Oak Brook Bancshares in 1991, when new state laws will permit reciprocal bank ownership in the two states. Under current law, no out-of-state banking company can own more than 5% of any California based bank. Laguna Bank, with $28.4 million in assets as of Oct.
BUSINESS
January 25, 1989 | JAMES S. GRANELLI, Times Staff Writer
George S. Rawson, former manager of the main office of Eldorado Bank in Tustin, has taken over as president of Laguna Bank in Laguna Beach. Rawson replaced Charles E. Keneley, who took a job in October managing the mortgage department of Mission Valley Bank in San Clemente. With 20 years of banking experience, Rawson, 44, of Laguna Hills is the fifth executive from Eldorado Bank to be hired as a bank president elsewhere since 1982.
BUSINESS
August 11, 1988 | James S. Granelli, Times staff writer
Richard Stenton's interests in financial institutions were on a collision course, so he recently sold his 44.4% stake in Cornerstone Savings & Loan for $3.4 million to avoid a conflict of interest with Laguna Bank, in which he has a 24% stake. Stenton is chairman of Laguna Bank, based in Laguna Beach, which opened a loan production office near Cornerstone's headquarters in Mission Viejo and is negotiating to buy Eldorado Bank's branch at La Paz and Cabot roads in Laguna Hills.
BUSINESS
January 22, 1992 | James S. Granelli / Times staff writer
Laguna Bank, which had a merger deal fall through last summer, is now looking forward to being acquired by a small group of Newport Beach and Laguna Beach investors for an amount that will probably be less than $1 million. The small Laguna Beach bank, which hasn't posted an annual profit in five years, has signed a definitive agreement with an investor group consisting of three to five South County business executives, said Steven R. Rabago, the bank's chairman.
CALIFORNIA | LOCAL
February 27, 1994
A robber posing as a bank customer stole an undetermined amount of cash from a Wells Fargo branch here and was still at large Saturday night, police said. The suspect entered the bank, at 260 Ocean Ave., about 11 a.m. Saturday and demanded money from a teller. No weapon was seen, but the man reached repeatedly toward his waistband as if to suggest he was concealing a weapon, Laguna Beach Police Sgt. Mike Hall said. There were other customers in the bank at the time, but no one was injured.
CALIFORNIA | LOCAL
September 11, 1993
A 51-year-old man was arrested Friday on suspicion of robbing a bank here of $5,900 in cash, the Orange County Sheriff's Department said. Lacey Jave, 51, of Westminster allegedly entered the Great Western Bank, 24100 El Toro Road about 2 p.m. and gave the teller a note demanding money, Lt. Ron Wilkerson said.
BUSINESS
August 12, 1992 | JAMES M. GOMEZ and JAMES S. GRANELLI, TIMES STAFF WRITERS
Orange National Bank said Tuesday that it has completed its acquisition of long-suffering Laguna Bank by paying more than $225,000 to take over its two branches in the bustling South County market. The Laguna Beach institution becomes the fourth community bank based in South County to bow out of that competitive area in the last 10 months. Two banks failed and a third was acquired by Eldorado Bank in Tustin. For Orange National, though, the market is new and the opportunity exciting.
BUSINESS
March 18, 1992 | JAMES M. GOMEZ, TIMES STAFF WRITER
Orange National Bank, seeking to establish a foothold in South County, announced Tuesday that it has signed a letter of intent to purchase a financially troubled two-branch bank in Laguna Beach for about $800,000. The acquisition of Laguna Bank N.A. would allow the Orange-based institution to expand its banking operation into an area expected to grow strongly in the next few years, said Orange National chief executive Wayne F. Miller. "We see this as a unique opportunity," Miller said Tuesday.
BUSINESS
January 22, 1992 | James S. Granelli / Times staff writer
Laguna Bank, which had a merger deal fall through last summer, is now looking forward to being acquired by a small group of Newport Beach and Laguna Beach investors for an amount that will probably be less than $1 million. The small Laguna Beach bank, which hasn't posted an annual profit in five years, has signed a definitive agreement with an investor group consisting of three to five South County business executives, said Steven R. Rabago, the bank's chairman.
BUSINESS
July 16, 1991 | From a Times Staff Writer
Nearly a year after agreeing to a merger, Monarch Bank and Laguna Bank have called the merger off. Executives at the two Orange County banks could not be reached for comment Monday. A press release said the transaction "would not now be in the best interest of either party." Laguna Bank in Laguna Beach lost $166,000 in the first quarter. It lost $452,000 last year. Monarch Bank in Laguna Niguel earned only $20,000 for the first quarter. Second-quarter results were not available.
BUSINESS
August 12, 1992 | JAMES M. GOMEZ and JAMES S. GRANELLI, TIMES STAFF WRITERS
Orange National Bank said Tuesday that it has completed its acquisition of long-suffering Laguna Bank by paying more than $225,000 to take over its two branches in the bustling South County market. The Laguna Beach institution becomes the fourth community bank based in South County to bow out of that competitive area in the last 10 months. Two banks failed and a third was acquired by Eldorado Bank in Tustin. For Orange National, though, the market is new and the opportunity exciting.
BUSINESS
March 15, 1986 | JAMES S. GRANELLI
Charles E. Keneley has been hired as president of the Laguna Bank in Laguna Beach. The bank's former president, John B. Watz, has moved on to the larger Bank of Orange County in Fountain Valley as senior vice president and senior credit officer. Watz, 47, had been president of the 4-year-old Laguna Bank for 3 1/2 years, during which time the bank grew from $17 million in assets to more than $29 million. It was a "pretty solid bank" by the time he left last month, he said.
BUSINESS
March 20, 1991 | James S. Granelli/ Times staff writer
Closing In: Another long-negotiated deal is now awaiting shareholder and regulatory approval. Monarch Bank in Laguna Niguel has agreed to acquire Laguna Bank in Laguna Beach in a stock swap. The acquisition would give Laguna shareholders 22% of Monarch's parent firm, Monarch Bancorp, and give 11-year-old Monarch Bank a total of more than $72 million in assets and three South County branches.
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