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San Clemente Bancorp

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BUSINESS
May 31, 1991 | JAMES S. GRANELLI, TIMES STAFF WRITER
Eldorado Bank agreed Thursday to acquire the holding company of Bank of San Clemente for $5.5 million in a deal that will make Eldorado the largest bank in Orange County. The acquisition of San Clemente Bancorp, owner of the small but growing San Clemente bank, needs only the approval of state and federal shareholders, according to officials of both institutions. "Unless some huge surprise comes up, we plan to close the deal in about four months," said J.B.
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BUSINESS
May 31, 1991 | JAMES S. GRANELLI, TIMES STAFF WRITER
Eldorado Bank agreed Thursday to acquire the holding company of Bank of San Clemente for $5.5 million in a deal that will make Eldorado the largest bank in Orange County. The acquisition of San Clemente Bancorp, owner of the small but growing San Clemente bank, needs only the approval of state and federal shareholders, according to officials of both institutions. "Unless some huge surprise comes up, we plan to close the deal in about four months," said J.B.
BUSINESS
May 31, 1989 | James S. Granelli, Times staff writer
One local banking company revived by a cash infusion 18 months ago is transforming itself into a privately held corporation to eliminate the costs associated with maintaining a public company. John Wertin, who owns 91% of San Clemente Bancorp, plans to pick up the rest of the shares in an offering that would give remaining shareholders $1.25 a share. Wertin picked up 81% of the company for $1 a share, or $1.5 million, in late 1987, just as the company was stemming its losses at its Bank of San Clemente subsidiary.
BUSINESS
December 23, 1987 | JAMES S. GRANELLI, Times Staff Writer
The Bank of San Clemente began a downward spiral three years ago that generated $2.3 million in red ink. It was on the regulators' death list--earmarked for being seized and closed. However, the bank recently reported its first profitable quarter in more than three years, and has satisfied the last of regulators' demands by raising $1.5 million in new capital from an Irvine investor.
BUSINESS
November 6, 1987 | JAMES S. GRANELLI, Times Staff Writer
The ailing Bank of San Clemente, long on the industry's death watch, cheated the executioner Thursday by closing a $1.5-million deal that makes it one of the healthier banks in Orange County. Irvine real estate developer John E. Wertin turned over his check in exchange for 1.5 million new shares of stock in the bank's holding company, San Clemente Bancorp, making him 80% owner of the company and raising the bank's capital well above what regulators had required.
BUSINESS
July 14, 1987 | JAMES S. GRANELLI, Times Staff Writer
The Bank of San Clemente, still trying to recover from losses that started mounting when the real estate market hit a slump in 1983, has sued a Woodland Hills developer who had promised to infuse the bank with $1.5 million but has not come up with the funds. In suing Michael Goland for nearly $2.
BUSINESS
July 31, 1987 | JAMES S. GRANELLI, Times Staff Writer
Two Orange County banks--El Camino in Anaheim and the troubled Bank of San Clemente--will be taken over by different investors in separate agreements reached Thursday. In a letter of intent, Citizens Holdings, the parent company of Citizens Bank of Costa Mesa, said it will pay $16.3 million in cash to acquire all the stock of El Camino Bancorp, the holding company of El Camino Bank.
BUSINESS
March 1, 1987 | JOHN O'DELL, Times Staff Writer
In a pair of deals that could halve the list of problem banks in Orange County, outside investors have agreed to acquire control of the Bank of San Clemente and of New City Bank in Orange, pumping sufficient new capital into the banks to cure their immediate financial troubles.
BUSINESS
May 31, 1989 | James S. Granelli, Times staff writer
One local banking company revived by a cash infusion 18 months ago is transforming itself into a privately held corporation to eliminate the costs associated with maintaining a public company. John Wertin, who owns 91% of San Clemente Bancorp, plans to pick up the rest of the shares in an offering that would give remaining shareholders $1.25 a share. Wertin picked up 81% of the company for $1 a share, or $1.5 million, in late 1987, just as the company was stemming its losses at its Bank of San Clemente subsidiary.
BUSINESS
December 23, 1987 | JAMES S. GRANELLI, Times Staff Writer
The Bank of San Clemente began a downward spiral three years ago that generated $2.3 million in red ink. It was on the regulators' death list--earmarked for being seized and closed. However, the bank recently reported its first profitable quarter in more than three years, and has satisfied the last of regulators' demands by raising $1.5 million in new capital from an Irvine investor.
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