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September 23, 1999 | EDMUND SANDERS, Edmund Sanders covers financial institutions and fraud for The Times. He can be reached at (714) 966-5811 and at edmund.sanders@latimes.com
Security First Bank and Bank of Orange County, two small business banks in Orange County, are planning to merge into a single institution with $142 million in assets and five branches. If approved by shareholders and regulators, Fullerton-based Security First would be merged into Fountain Valley's Bank of Orange County. Financial terms were not disclosed. The banks hope to close the deal before the end of the year.
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BUSINESS
September 23, 1999 | EDMUND SANDERS, Edmund Sanders covers financial institutions and fraud for The Times. He can be reached at (714) 966-5811 and at edmund.sanders@latimes.com
Security First Bank and Bank of Orange County, two small business banks in Orange County, are planning to merge into a single institution with $142 million in assets and five branches. If approved by shareholders and regulators, Fullerton-based Security First would be merged into Fountain Valley's Bank of Orange County. Financial terms were not disclosed. The banks hope to close the deal before the end of the year.
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BUSINESS
November 18, 1997 | JAMES S. GRANELLI, TIMES STAFF WRITER
A $75-million investment fund headed by former Postmaster General Anthony M. Frank has taken majority control of a tiny Orange County bank as its first step in preserving locally operated California community banks. The fund bought a 52% stake in Security First Bank in Fullerton for $3.5 million and plans to make "significant" investments in other small banks in Los Angeles and Orange counties, said Thomas Byrom, one of the fund's four principals.
BUSINESS
November 18, 1997 | JAMES S. GRANELLI, TIMES STAFF WRITER
A $75-million investment fund headed by former Postmaster General Anthony M. Frank has taken majority control of a tiny Orange County bank as its first step in preserving locally operated California community banks. The fund bought a 52% stake in Security First Bank in Fullerton for $3.5 million and plans to make "significant" investments in other small banks in Los Angeles and Orange counties, said Thomas Byrom, one of the fund's four principals.
BUSINESS
July 13, 1998 | Leslie Earnest
California Financial Bancorp said it plans to buy Downey Bancorp, parent of Downey National Bank, for about $14.4 million, or $22.84 a share. The Newport Beach-based bank holding company selected Downey for acquisition because it is "a very well-run bank . . . in an attractive market area," said David Hooston, California Financial's chief operating officer. The two banking companies have been discussing the acquisition for several months, Hooston said.
BUSINESS
July 30, 1998
California Financial Bancorp said Wednesday it has agreed to acquire Bank of Orange County in Fountain Valley for $38 per share, or a total of $14.9 million in cash. California Financial, a Newport Beach-based holding company, has been on an expansion spree. Earlier this month, the company said it plans to acquire Downey National Bank in Downey.
BUSINESS
February 4, 2000 | EDMUND SANDERS, Edmund Sanders covers financial institutions and fraud for The Times. He can be reached at (714) 966-5811 and at edmund.sanders@latimes.com
Irvine-based Financial Institutional Partners Mortgage Co., a large apartment building lender, said an investor group of its principals has completed the acquisition of approximately 84% of Mission Savings & Loan Assn. Riverside-based Mission, which has about $43 million in assets, will remain as a branch, but its headquarters will be relocated to Irvine and Mission's name is expected to be changed to Commercial Capital Bank. . . .
NEWS
January 3, 1986
Donald E. McLarnan, veteran banker and director of the Small Business Administration in Los Angeles from 1954 to 1961, died Friday at 78. A former officer with the old Security First National Bank, McLarnan later became founding president of Mission National Bank. From 1969 to 1973 he was administrator of the Small Business Administration for the Western United States and the territories of Guam and Samoa. Survivors include his wife, Virginia, and three children.
BUSINESS
October 31, 1996 | Times Staff and Wire Reports
The price range of the initial public stock offering of Santa Ana-based computer distributor Ingram Micro Inc., which is expected today, was raised to $17 to $19 from $14 to $16 by lead underwriter Morgan Stanley. . . . Pasadena-based Jacobs Engineering Group reported fourth-quarter net income of $10.6 million, or 41 cents per share, compared with $8.9 million, or 35 cents, a year ago. . . . San Francisco-based Catellus Development Corp. reported a third-quarter net loss of $3.
CALIFORNIA | LOCAL
January 31, 1998 | GEOFF BOUCHER
A military memorial service has been scheduled for Tuesday to honor the range master for the Santa Ana Police Department. The weapons expert and former Marine major was killed this week in a gunfire accident. The service for Joe Samuel Boyd, the 54-year-old civilian gun trainer who was shot in the head Wednesday, begins at 1 p.m. in the chapel at the El Toro Marine Corps Air Station, according to Santa Ana Police Lt. Robert Helton.
BUSINESS
October 31, 1996 | JAMES S. GRANELLI, TIMES STAFF WRITER
Pacific Inland Bank, which squandered millions of dollars on big loans that went bad during an often troubled 12-year history, announced a major effort Wednesday to revitalize itself. The one-branch Anaheim bank has changed its name to Security First Bank and will move into new quarters across from St. Jude Medical Center in Fullerton by the end of the year, said Jack C. Wauchope, its chairman and president.
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