Southern California Bank

Southern California Bank, a subsidiary of SC Bancorp in Anaheim, has completed its purchase of nearly all remaining loans and deposits of Independence One Bank of California, a healthy Mission Viejo thrift. Southern California Bank, already the largest independent bank based in Orange County with total assets of $480 million, will acquire Independence One's $72-million commercial loan portfolio and $27 million in deposit accounts.

Megabanks aren't the only financial firms to meet or beat expectations this earnings season. Many California regional banks are reporting stronger earnings and putting new loans on their books, thanks to the improving economy and progress in dealing with fallout from the financial bust.  Pasadena-based East West Bancorp, the largest Chinese American bank, said after the markets closed Wednesday that it earned $74 million during the second quarter,...

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.

Maurice L. McAlister overcame a dirt-poor childhood in Texas to achieve prominence in two fields as a young man - first as a builder, then as the head of Downey Savings & Loan, which became a Southern California banking fixture for decades under his leadership. Despite his considerable wealth, the man everyone called Mac remained a down-home character, living mainly in Bullhead City, Ariz., where he could hunt quail and elk and fish for bass. He nurtured close family ties along with the business: One of his three daughters was on Downey's board and a son-in-law rose to chief executive.

Southern California Bank said Thursday it has agreed to buy nearly all of the remaining loans and deposits of a healthy Mission Viejo thrift that is expected to close up shop in California. The bank will buy $85 million in business loans and $30 million in deposits from Independence One Bank of California, a federal savings and loan created on the last day of 1988 from the ruins of the failed Beverly Hills Savings & Loan.

The parent company of Southern California Bank said it will take $2.8 million in charges and loan loss reserves this quarter as it restructures the bank and cleans up its loan portfolio. The amount, consisting of $1.9 million for restructuring operations and $900,000 for reserves, will result in a loss for the three-month period and the first nine months, though bank executives expect a return to profitability for the fourth quarter and the year.

Signaling plans to expand its operations in Orange County, Southern California Bank said Monday that it will move its headquarters from Downey to Anaheim. The move, pending regulatory approval, would make Southern California Bank, with $405 million in assets, the biggest bank based in Orange County.

Southern California Bank said Sunday it has acquired the insured deposits of American Commerce National Bank, two days after federal regulators exercised new powers to seize the financial institution. The Anaheim-based bank will reopen and assume its new name today, and will continue to honor about $110.8 million in deposits, federal regulators said. The automatic teller machine will be back in service Tuesday.

Southern California Bank paid $101,000 Tuesday for nearly $135 million in insured deposits at the failed Western Empire Savings & Loan, which was seized by regulators in February. The thrift's two branches opened Tuesday as offices of the Downey-based SCB after the transaction was approved late Friday by federal regulators running the S&L.

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.

Emerging from the grip of the financial crisis, City National Corp. said strong growth in deposits and improving credit quality helped its quarterly profit jump sixfold. The Los Angeles parent company of Southern California's largest bank said Thursday that it earned $41.3 million, or 78 cents a share, in the second quarter, compared with $6.8 million, or 2 cents a share, in the same period last year. Second-quarter revenue totaled $304.5 million, up 39% from the second quarter of 2009.

Two failed Southern California banks will reopen today under new owners, after the Federal Deposit Insurance Corp. took control of them late Friday. Vineyard Bank of Corona, which has 16 branches, was sold to California Bank & Trust of San Diego, the FDIC said. Separately, Temecula Valley Bank of Temecula and its 11 branches were sold to First Citizens Bank and Trust of Raleigh, N.C.

They're called "Charlie's Angels," and they're the latest addition to the FBI's local Most Wanted list. Sometimes wearing breezy Hawaiian dresses and clogs, at other times in plain overalls or pants, they are three women who have fast become among the most notorious bank robbers in Southern California. Since April, the three have robbed 11 banks and credit unions in Los Angeles, Orange and Riverside counties, federal officials say.

Matthew P. Wagner, who helped build Western Bancorp from scratch into a bank holding company with $2.5 billion in assets, has decided to leave the Newport Beach-based company, which was acquired last month by Minneapolis-based U.S. Bancorp. Several other executives also have left, including Western Chairman Hugh Smith, Chief Financial Officer Arnold Hahn and Mark H. Stuenkel, former president of Western's Southern California Bank. Such departures of top executives are common after bank mergers.

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.

Southern California Bank paid $101,000 on Tuesday for nearly $135 million in insured deposits at the failed Western Empire Savings & Loan in Irvine, which was seized by regulators in February. The thrift's two branches opened Monday as offices of the Downey-based Southern California Bank after the transaction was approved late Friday by federal regulators running the S&L.

Under a proposed cash merger, the National Bank of Catalina--serving Avalon and Signal Hill--would be acquired by Southern California Bank and its parent corporation, SC Bancorp, banking officials have announced. The acquisition is subject to the approval of National Bank of Catalina shareholders and banking regulatory agencies, said Hal Beisswenger, president of Southern California Bank.

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.