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BUSINESS
February 28, 1987 | JAMES S. GRANELLI, Times Staff Writer
Pacific Savings Bank officials acknowledged Friday that they are negotiating to sell the Costa Mesa institution to HF Holdings Inc., the aggressive San Francisco company headed by former Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin. But the S&L's top officials, Chairman Joe G. Baker and President Verne F.
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ENTERTAINMENT
June 14, 2013 | By Sean O'Connell
Long Beach's Pine Avenue has had its ups and downs over the last few decades. After a determined rebirth in the 1990s, a tide of prosperity rolled into the time-worn neighborhood with a bustling night life scene. That tide receded with newer developments elsewhere around town, and Pine Avenue fell into an awkward state of transition as it struggled to compete with amenities such as a Ferris wheel and a world class aquarium. However, the newly opened Federal Bar aims to bring revelers back to Pine Avenue by offering a restaurant and a music venue in the cavernous yet elegant Security Pacific National Bank building.
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BUSINESS
September 23, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
Ambitious City National Corp. made a surprise foray into Northern California on Wednesday, announcing a proposed $153-million acquisition that could signal the bank's evolution from a regional player into a larger, statewide financial institution. Beverly Hills-based City National said it would pay $29 a share for San Francisco-based Pacific Bank, which has 12 offices and $728 million in assets. The deal would bring City National's total assets to $7.5 billion.
BUSINESS
May 31, 2010 | By E. Scott Reckard, Los Angeles Times
The seven offices of Sun West Bank in Nevada are scheduled to reopen Tuesday as part of City National Bank, which scooped up a failed bank from the Federal Deposit Insurance Corp. for the third time in five months. Las Vegas-based Sun West, shut down by Nevada regulators Friday night, had about $352 million in assets at the end of April and $311 million in deposits, virtually all of which will be assumed by City National. About $252 million of the assets are loans on which the FDIC will share losses, City National said.
BUSINESS
August 21, 1991 | From Times Staff and Wire Reports
Simon Group Selling Two S&L Branches: Western Federal Savings & Loan, a Marina del Rey thrift owned by an investment group led by former Treasury Secretary William E. Simon and Los Angeles lawyer Gerald Parsky, agreed to sell two of the thrift's San Francisco branches to Pacific Bank. The deposits in the branches total $65 million.
CALIFORNIA | LOCAL
September 7, 1988
A man who held up a Security Pacific Bank branch in Buena Park for an undetermined amount of cash Tuesday morning apparently made one critical mistake. He left behind a bank deposit slip bearing his name and address. Buena Park Police Lt. Dick Hafdahl said the robber entered the bank in the 8800 block of Valley View Street shortly after the bank opened at 9 a.m. and handed a note to a teller demanding money. He did not display a weapon.
CALIFORNIA | LOCAL
March 13, 1991
A Union Bank branch in Kearny Mesa was robbed Tuesday of more than $1,300, a San Diego Police Department spokesman said. A man entered the bank in the 7700 block of Clairemont Mesa Boulevard about 2 p.m., told a teller he had a gun and demanded money, spokesman Bill Robinson said. He left the bank on foot with about $1,370 cash. Robinson described the man as white, about 6-foot and 210 pounds. He said the robber was clean-shaven and had large lips with cold sores and pock-marked skin.
CALIFORNIA | LOCAL
September 17, 1994 | JEFF BEAN
Over objections of nearby property owners, the Planning Commission this week approved the conversion of a bank building into a tire and brake shop. The panel approved a plan Tuesday in a 3-1 vote that aims to make the business less conspicuous. The shop will be located amid retail shops and offices in the 32000 block of Camino Capistrano. Two of the conditions of approval were a wall to be built along Camino Capistrano and increased landscaping.
CALIFORNIA | LOCAL
August 22, 1992 | KAY SAILLANT
A Camarillo bank was robbed Friday by a man who fled with a undisclosed amount of cash, Sheriff's Department deputies reported. The robbery occurred at 5 p.m. when a man in his mid-20s entered the Security Pacific Bank at 5800 Santa Rosa Road and handed a teller a note demanding money, deputies said. The robber fled immediately after the cash was handed over. Witnesses did not report seeing a weapon, officials said.
BUSINESS
May 8, 2010 | By Nathan Olivarez-Giles
Los Angeles-based City National Bank, the largest bank headquartered in Southern California, got a little bigger late Friday by acquiring a failed San Diego financial institution immediately after it was seized by federal regulators. Under a deal with the Federal Deposit Insurance Corp., City National agreed to assume all $250 million of deposits of the local customers of 1st Pacific Bank of California. 1st Pacific's six branches will reopen Monday and continue to operate under 1st Pacific's name until they are rechristened as City National Bank offices in the next few months, said City National spokesman Cary Walker.
BUSINESS
November 14, 2009 | W.J. Hennigan
Bank regulators seized Pacific Coast National Bank of San Clemente on Friday and immediately sold it to Tustin's Sunwest Bank. Pacific Coast's two branches, in San Clemente and Encinitas, will reopen Monday as branches of Sunwest, the Federal Deposit Insurance Corp. said. Sunwest agreed to assume all of Pacific Coast's deposits, so no depositors will lose money, the FDIC said. Pacific Coast's customers can gain access to their money as usual over the weekend by writing checks or using their ATM or debit cards, the agency said.
BUSINESS
August 29, 2009 | E. Scott Reckard
Regulators shut down Affinity Bank of Ventura late Friday, saying its capital cushion against losses had been severely depleted by problems with construction loans and commercial mortgages. Affinity's 10 branches -- four in Ventura County, two in Los Angeles County, one in Orange County and three in Northern California -- are to reopen as branches of San Diego-based Pacific Western Bank. The Federal Deposit Insurance Corp. said Pacific Western had agreed to assume all of the deposits held by Affinity.
BUSINESS
June 27, 2009 | E. Scott Reckard
Regulators shut down community lenders Mirae Bank in Los Angeles' Koreatown district and MetroPacific Bank in Irvine on Friday, saying both were operating with dangerously low capital cushions against losses. This brought the number of bank failures this year in California to six. The five branches of Mirae Bank will reopen Monday as part of Wilshire State Bank, a larger Koreatown bank that will assume all $362 million of Mirae's deposits. Wilshire, whose parent company is Wilshire Bancorp Inc.
BUSINESS
November 8, 2008 | E. Scott Reckard, Reckard is a Times staff writer.
Crippled by loans to Inland Empire developers and home builders, Security Pacific Bank of West Los Angeles was shut down Friday by regulators, who said L.A.-based Pacific Western Bank would take over its four branches. Depositors of the failed bank will have their $450 million in accounts transferred to 60-branch Pacific Western, which also is buying some of Security Pacific's loans, the California Department of Financial Institutions and the Federal Deposit Insurance Corp. said.
BUSINESS
November 6, 2003 | E. Scott Reckard, Times Staff Writer
Pacific Union Bank, a Los Angeles-based institution with a largely Korean American clientele, was put up for sale this week by its majority owner, Korea Exchange Bank, the fifth-largest bank in South Korea. Korea Exchange, which owns 62.5% of Pacific Union Bank's stock, put the shares in a trust on Monday, after Lone Star Funds, a Dallas private-equity group, completed a purchase of 51% of Korea Exchange for $1.2 billion, marking the largest foreign investment in a Korean bank.
BUSINESS
December 24, 1996
American Pacific State Bank has announced a 5% stock dividend plus a cash dividend of 10 cents per share to be paid to shareholders of record as of Dec. 10. American Pacific, which is headquartered in Sherman Oaks, has grown in recent years in part because it opened new branches in Van Nuys, Valencia and Northridge. The bank's total assets are now at a record $315 million.
BUSINESS
May 20, 2003 | From a Times Staff Writer
San Francisco-based Wells Fargo & Co. has agreed to acquire Pacific Northwest Bancorp in a stock swap, the banks said Monday. Under terms of the agreement, which has been approved by the boards of both companies, shareholders of Seattle-based Pacific Northwest would receive $35 in Wells Fargo stock for each share of Pacific Northwest stock they own. That would value the deal at about $590 million, based on Pacific Northwest's 17 million shares outstanding and its Monday closing price of $28.
BUSINESS
January 7, 2003 | E. Scott Reckard, Times Staff Writer
East West Bancorp Inc. said Monday that it would buy Pacific Business Bank for $25 million in cash, the latest in a series of acquisitions of small-business lenders by the San Marino-based parent of East West Bank. Pacific Business, a four-branch, privately held bank based in Santa Fe Springs, is a lender to small manufacturing, service and distribution companies in Southern California. It has $165 million in assets and its retail clients, like those at East West, are mainly ethnic Chinese.
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