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Michigan National Corp

September 2, 1992 | James S. Granelli / Times staff writer
The name Beverly Hills is once again a fixture in Mission Viejo, but not for long. The thrift that carries the name of the affluent Los Angeles suburb of the stars has moved its headquarters back to Mission Viejo for the third time in the last decade. As Beverly Hills Savings & Loan, the thrift opened a huge two-building office in Mission Viejo ia the early 1980s and located its headquarters there. Before the thrift failed in 1985, its headquarters returned to Beverly Hills.
The Michigan banking company that owns Independence One Bank of California said Monday that it will seek a buyer for the thrift and give up its plan to start a financial services network across Southern California. Michigan National Corp. said it has potential buyers both in and out of state for its savings and loan subsidiary and expects to reach an agreement with one of them by early next year. The company, which had been expected to sell the thrift, would not identify the potential buyers.
September 16, 1992 | James S. Granelli, Times staff writer
The prospect of the sale of CommerceBancorp has investors bidding up the price of its stock. The holding company for CommerceBank in Newport Beach saw its stock price jump 58% in Wall Street trading Tuesday, a day after the company announced that it reached a tentative agreement to be acquired by Michigan National Corp. for $25.5 million in cash and stock, or nearly $11 a share. CommerceBancorp stock rose $2.75 a share to close at $7.50 a share on the NASDAQ system.
Michigan National Corp., which owns Beverly Hills Business Bank in Mission Viejo, has agreed to acquire CommerceBancorp for $5.1 million in cash and $20.4 million in stock. Under the tentative pact, the purchase price for CommerceBancorp in Newport Beach and its subsidiary, CommerceBank, could be less if the bank does not shed about $10 million in bad loans and foreclosed real estate by the time the deal closes. A closing date will be set when the two sides reach a definitive agreement.
January 1, 1989 | TOM FURLONG, Times Staff Writer
The controversial flurry of 11th-hour savings and loan bailouts for 1988 came to an end Saturday night as regulators in Washington completed seven additional forced mergers, including the sale of Beverly Hills Savings & Loan to a commercial banking company in Michigan. Michigan National Corp., the state's fourth-largest banking company, took over Beverly Hills Savings by putting $52 million in new capital into the long-troubled financial institution.
January 30, 1989 | James S. Granelli, Times Staff Writer
"Beverly Hills Savings is back." That's the optimistic phrase emblazoned on posters hanging at the six branches of the once-insolvent savings and loan. The Mission Viejo-based S&L had been operated by regulators since April, 1985--longer than any other insolvent S&L. With $1.6 billion in assets, Beverly Hills Savings was headed for liquidation. But the S&L was brought back from the dead when it was sold at 8:30 p.m. on Dec.
September 12, 1989 | JAMES S. GRANELLI, Times Staff Writer
The Michigan banking company that owns Beverly Hills Savings Bank is looking for more ailing California savings and loans to buy and will eventually turn the entire operation into a commercial bank. Though no timetable has been set, converting the Mission Viejo-based S&L to a bank is an "inevitability," Robert J. Mylod, chairman and president of Michigan National Bank, said in a recent interview.
May 29, 1989
Credit Card Portfolio Bought: Chase Manhattan Bank will purchase the credit card portfolio of Michigan National Corp. for more than $220 million. The portfolio, held by the Independence One Bank subsidiary of Michigan National, consists of more than 1 million Visas and Master Cards with outstanding balances totaling about $1.1 billion. The addition of the portfolio will increase Chase's cardholder base to 7 million accounts with total outstanding balances in excess of $8 billion.
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