April 26, 1990 |
A proxy fight broke out at the Pacific Commerce Bank's annual shareholders meeting Wednesday over a plan to grant additional stock options to bank directors and officers. Several shareholders criticized as improper a proposal to grant 123,802 more stock options to bank directors and officers because directors already controlled 40.7% of the bank's 786,000 outstanding shares.
August 21, 1985 |
Instead of increasing his $15-per-share bid for 20,000 shares of Chula Vista-based Pacific Commerce Bank's outstanding shares, an unidentified "mystery investor" last week increased to 30,000 from 20,000 the number of shares that he is proposing to buy. The new offer surfaced in an Aug. 15 letter, the latest of three letters sent to Pacific Commerce shareholders by Orange County attorney Gary Findley, who said he is acting on behalf of the would-be buyer.
CALIFORNIA | LOCAL
June 21, 1986 |
Scripps Memorial Hospitals took control Friday of financially strapped Bay Hospital Medical Center in Chula Vista in a move that includes a 90-day evaluation of the institution's financial status to determine if Scripps should assume permanent operational control of the hospital. If Bay Hospital is added to Scripps's long list of hospitals and medical centers after the three-month study, Scripps will also assume responsibility for the South Bay institution's $17-million long-term indebtedness.
July 1, 1987 |
A group led by San Diego businessman Roque de la Fuente II has invested $1.03 million in Chula Vista-based People's Bank, lifting the troubled bank's net worth-to-assets ratio to 8.5%, well above the regulatory minimum of 7.5%, the bank said Tuesday. De la Fuente's group now controls 47% of the bank's outstanding stock, according to President Patricia Ann Hutchins. The De la Fuente group includes Cheker Karam, Isaias Zapata and Chula Vista City Councilman David Malcolm.
August 6, 1985 |
An unidentified investor is attempting to buy up to 20,000 shares of Pacific Commerce Bank stock for $15 per share, or 50% more than the company's per-share book value. But the potential buyer is "not somebody who would be a 'control' person," according to Orange County attorney Gary Findley, who represents the investor. The bank makes its own market for the stock, and has been selling it for about $15 per share recently, according to president and chief executive Thomas D. Michelli.
June 24, 1986 |
Crown Bancorp on Monday filed a $10-million lawsuit against dissident shareholder Ed Schmidt, accusing him of trying to illegally gain control of the bank holding company and asking for a temporary restraining order to prevent him from gathering additional proxies in his bid to land at least two seats on Crown's board. Concurrent with the lawsuit, filed in San Diego Superior Court, Crown announced that the annual meeting scheduled for next week would be delayed until Aug. 1.
July 3, 1986 |
The two factions vying for control of Crown Bancorp--current management versus a group led by dissident shareholders Ed Schmidt and an associate of Canadian financier Milton Sorokin--have tried unsuccessfully this week to negotiate a compromise slate of directors that would avoid both further legal action and an expensive proxy fight. La Jolla financier Michael S.
July 6, 2012
A list of Southern California banks that as of June 6 had not repaid all funds from the U.S. Treasury's Troubled Asset Relief Program, with missed quarterly dividend payments. Cathay General Bancorp (Cathay Bank) Headquarters: Los Angeles Assets: $10.6 billion Received: $258 million Dec. 5, 2008 Missed payments: None Status: Expects bank regulators to approve full repayment this year Comment: Chief Financial Officer Heng Chen: "We think our capital ratios are strong enough to repay.
April 12, 1988 |
It would be hard to find a simpler, more direct annual report than the document pumped out each year by Price Co., the San Diego-based operator of the Price Club membership warehouse chain. The highly profitable company has produced a string of plain, to-the-point annual reports that contain basic information required by the U.S. Securities and Exchange Commission--but no photographs and only a handful of simple charts.