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BUSINESS
January 26, 1997
SC Bancorp, the parent company of Southern California Bank, reported net income of $4.5 million, or 60 cents a share, for 1996, compared with $869,000, or 12 cents a share, for the prior year. Fourth-quarter net income rose 50% to $1.5 million, or 20 cents a share, from $1 million, or 13 cents a share. Total assets gained 3% to $476 million from $461.8 million.
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BUSINESS
October 13, 1996 | BARBARA MARSH, TIMES STAFF WRITER
A major stockholder of SC Bancorp, which owns one of Orange County's largest community banks, said Friday it's seeking a sale of the holding company because of disappointing financial results. New Jersey-based Basswood Partners LP, which has a 9.6% stake in SC Bancorp, disclosed its intentions in documents filed with the Securities and Exchange Commission. SC Bancorp owns Southern California Bank.
BUSINESS
April 30, 1997 | JAMES S. GRANELLI, TIMES STAFF WRITER
Under heavy pressure from major shareholders, the parent company of Southern California Bank said Monday it has agreed to be acquired by Monarch Bancorp in a stock swap valued at nearly $107 million. SC Bancorp in Anaheim said it would join the fast-growing Laguna Niguel multi-bank holding operation to create the first Orange County-based commercial banking concern with more than $1 billion in loans and other assets.
BUSINESS
April 23, 1995
SC Bancorp, the Anaheim parent company of Southern California Bank, said profit for the first quarter dropped 64% to $345,000, or 5 cents a share, from $966,000, or 28 cents a share, in last year's first quarter. The company attributed much of the lower income to costs associated with acquiring most of the corporate and private banking divisions of Independence One Bank of California.
BUSINESS
June 11, 1996 | JAME S. GRANELLI, TIMES STAFF WRITER
Shareholders of SC Bancorp, apparently distressed by the bank holding company's stagnant earnings and stock price, are discussing ways to boost their fortunes, according to a document filed Monday with the U.S. Securities and Exchange Commission. The principals of Basswood Partners LP in Paramus, N.J., which owns 9.5% of SC Bancorp, are talking with other shareholders and "other parties" about "methods for enhancing shareholder value," the document states.
BUSINESS
December 28, 1996 | PATRICE APODACA, TIMES STAFF WRITER
An investment company that owns 9.77% of SC Bancorp said it has scrapped plans to increase its stake in the bank holding company to more than 10%. Basswood Partners L.P. in Paramus, N.J., said last month that it would request federal permission to boost its investment as part of an effort to sell the Anaheim-based company. Basswood said it was disappointed with the bank's lackluster performance and was talking to other large shareholders about pursuing a sale.
BUSINESS
June 18, 1992 | From Times Staff and Wire Reports
Dissident Group Wins Bank Fight: The group gained control of Downey-based SC Bancorp in a proxy fight by ousting five directors, including Chairman Frank Tomlinson. The dissidents, led by former directors Donald E. Wood and Le Grande Coates Jr., had criticized the bank's lackluster performance, sagging stock price and dividend policies. Larry D. Hartwig, president and chief executive, had remained neutral in the fight and plans to remain with the bank.
BUSINESS
January 26, 1997
SC Bancorp, the parent company of Southern California Bank, reported net income of $4.5 million, or 60 cents a share, for 1996, compared with $869,000, or 12 cents a share, for the prior year. Fourth-quarter net income rose 50% to $1.5 million, or 20 cents a share, from $1 million, or 13 cents a share. Total assets gained 3% to $476 million from $461.8 million.
BUSINESS
December 28, 1996 | PATRICE APODACA, TIMES STAFF WRITER
An investment company that owns 9.77% of SC Bancorp said it has scrapped plans to increase its stake in the bank holding company to more than 10%. Basswood Partners L.P. in Paramus, N.J., said last month that it would request federal permission to boost its investment as part of an effort to sell the Anaheim-based company. Basswood said it was disappointed with the bank's lackluster performance and was talking to other large shareholders about pursuing a sale.
BUSINESS
November 28, 1996 | JAMES S. GRANELLI, TIMES STAFF WRITER
A major investor pushing for the sale of Southern California Bank said Wednesday that it will seek federal permission to buy more than 10% of the parent company's stock and may nominate an opposing slate of directors at the next annual meeting. Basswood Partners L.P., a Paramus, N.J., investment fund that already controls 9.75% of SC Bancorp, said in a filing with the Securities and Exchange Commission that it will take such steps as part of its effort to sell the Anaheim-based company.
BUSINESS
October 13, 1996 | BARBARA MARSH, TIMES STAFF WRITER
A major stockholder of SC Bancorp, which owns one of Orange County's largest community banks, said Friday it's seeking a sale of the holding company because of disappointing financial results. New Jersey-based Basswood Partners LP, which has a 9.6% stake in SC Bancorp, disclosed its intentions in documents filed with the Securities and Exchange Commission. SC Bancorp owns Southern California Bank.
BUSINESS
June 11, 1996 | JAME S. GRANELLI, TIMES STAFF WRITER
Shareholders of SC Bancorp, apparently distressed by the bank holding company's stagnant earnings and stock price, are discussing ways to boost their fortunes, according to a document filed Monday with the U.S. Securities and Exchange Commission. The principals of Basswood Partners LP in Paramus, N.J., which owns 9.5% of SC Bancorp, are talking with other shareholders and "other parties" about "methods for enhancing shareholder value," the document states.
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