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Long Beach Financial Corp

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BUSINESS
July 21, 1998
Long Beach Financial Corp., a subprime mortgage lender based in Orange, said second-quarter profit hit a record $7.4 million, or 29 cents a share, 51% higher than the $4.9 million, or 19 cents a share, posted a year ago. First-half net income advanced 36% to $12.8 million, or 50 cents a share, from $9.4 million, or 38 cents a share, for the like 1997 period.
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BUSINESS
October 2, 1999 | (Dow Jones)
Washington Mutual Inc., the nation's largest thrift, said Friday that it completed its acquisition of Orange-based Long Beach Financial Corp., a fast-growing mortgage lender catering to borrowers with spotty credit records. Shareholders of Long Beach Financial received $10.03 a share in cash and $5.47 a share in Washington Mutual common stock. On their last day of trading Thursday, Long Beach shares closed at $15.88, up 69 cents.
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BUSINESS
January 28, 1998
Long Beach Financial Corp.: The Orange-based holding company for Long Beach Mortgage Co. reported that fourth quarter net income grew to $7.3 million, or 28 cents a share, from $1.9 million, for the corresponding period last year. The company's initial public offering was May 2, 1997. For the year, net income rose to $24.6 million, or 94 cents a share, from $9.4 million for 1996.
BUSINESS
August 19, 1999 | EDMUND SANDERS, Edmund Sanders covers financial institutions and fraud for The Times. He can be reached at (714) 966-5811 and at edmund.sanders@latimes.com
Shareholders of two Orange County-based lenders will get the chance in September to vote on separate buyout offers for their respective companies. Long Beach Financial Corp., the Orange-based mortgage lender, will hold a shareholder meeting Sept. 13 to approve an offer by Seattle-based Washington Mutual, the nation's biggest thrift, to buy the company for $15.50 a share. Meanwhile, shareholders at Western Bancorp, a Newport Beach bank holding company, will cast their votes Sept.
BUSINESS
November 8, 1997 | Dow Jones
Long Beach Financial Corp.'s board adopted a stockholder rights plan designed to take effect if an investor or group acquires a stake of 15% or more in the mortgage loan company. The Orange-based company said it will distribute to its shareholders one right to purchase preferred stock for each outstanding share of common stock. Long Beach Financial said the plan is not a response to any specific takeover threat.
BUSINESS
August 19, 1999 | EDMUND SANDERS, Edmund Sanders covers financial institutions and fraud for The Times. He can be reached at (714) 966-5811 and at edmund.sanders@latimes.com
Shareholders of two Orange County-based lenders will get the chance in September to vote on separate buyout offers for their respective companies. Long Beach Financial Corp., the Orange-based mortgage lender, will hold a shareholder meeting Sept. 13 to approve an offer by Seattle-based Washington Mutual, the nation's biggest thrift, to buy the company for $15.50 a share. Meanwhile, shareholders at Western Bancorp, a Newport Beach bank holding company, will cast their votes Sept.
BUSINESS
May 17, 1997 | Dow Jones
Underwriters of Long Beach Financial Corp.'s initial public offering exercised an option to acquire nearly 2.5 million shares--all the remaining stock held by the company's sole shareholder--for $6.50 each. In a press release Friday, the company said the purchase brings the total number of shares sold in the offering to 25 million, or all its outstanding stock. The company, through its Long Beach Mortgage Co. subsidiary, buys and sells sub-prime residential mortgage loans.
BUSINESS
July 29, 1999
Long Beach Financial Corp.: The Orange-based subprime mortgage lender posted second-quarter net income of $5 million, or 21 cents a share, down 32% from the $7.4 million, or 29 cents a share, recorded for the second quarter of 1998. The previously announced acquisition of Long Beach Financial by Washington Mutual Inc. is anticipated to close by the beginning of the fourth quarter, the company said.
BUSINESS
May 20, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
Two of the nation's largest financial institutions resumed their California buying sprees Wednesday, announcing separate acquisitions worth a total of nearly $1.3 billion and proving that the state remains one of the hottest banking markets in the country. U.S. Bancorp, the nation's 13th-largest bank, said it would pay about $900 million in stock to buy Newport Beach-based Western Bancorp, parent of Santa Monica Bank and Southern California Bank.
BUSINESS
May 19, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
Long Beach Financial Corp., a fast-growing mortgage lender catering to borrowers with bad credit, has become the latest takeover target in the rapidly consolidating home loan industry. Analysts said Tuesday that Washington Mutual, the nation's largest thrift, appears to be mulling a purchase of the Orange-based company, which they said could cost between $318 million and $380 million. Speculation about a possible sale also was published Tuesday in the industry newspaper American Banker.
BUSINESS
April 29, 1999
The Orange-based parent of Long Beach Mortgage Co. said net earnings reached a record $6.5 million, or 28 cents a share, for the first quarter, a gain of 20% from $5.4 million, or 21 cents a share, for the first quarter of 1998. Total assets rose 8% to $356.1 million from $328.6 million.
BUSINESS
October 17, 1998 | DARYL STRICKLAND, TIMES STAFF WRITER
Two Orange County-based lenders indicated Friday they are thriving despite financial turmoil that has shaken the "sub-prime" lending industry. New Century Financial Corp. of Irvine posted record earnings for the third quarter, and Long Beach Financial Corp. of Orange said it expects to report record quarterly results later this month. New Century, benefiting from a nationwide expansion, said net income for the three months increased 23% to $8.
BUSINESS
August 25, 1998 | Daryl Strickland
In its biggest deal to date, Long Beach Financial Corp. said Monday that it has presold mortgages the company expects to originate over the next five months--volume that should surpass $1 billion--to an undisclosed Wall Street investment firm. The Orange-based company provides mostly sub-prime loans to those with less than stellar credit through its wholly owned subsidiary, Long Beach Mortgage Co.
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