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Sumitomo Bank Of California

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BUSINESS
June 7, 1995
Directors of Sumitomo Bank of California named Tsuneo Onda president and chief executive, effective immediately, the San Francisco-based bank said Tuesday. Onda, 54, replaces Tadaichi Ikagawa, 56, who returns to Tokyo to become president and chief executive of Sumitomo Bank International Business Service Co., another subsidiary of Japan's Sumitomo Bank. Onda has been an executive vice president and a director of the California bank since December, 1993.
ARTICLES BY DATE
CALIFORNIA | LOCAL
March 16, 2006 | Hector Becerra, Times Staff Writer
After years of fretting under a $26-million debt, the city of Gardena has reached a settlement with two creditors. Under the agreement, the city will refinance $20-million worth of debt and pay $19 million by June 14 to Sumitomo Trust & Banking Co. and Union Bank of California. The city will make an additional payment of $2.6 million by the end of the year, and with that, Gardena's obligation to the banks will be over. "It'll be done.
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BUSINESS
March 22, 1995 | Times Staff and Wire Reports
Sumitomo Bank of California to Get Capital Infusion: The bank, struggling with problem loans, announced that it has received the assurance of its parent, Sumitomo Bank of Japan, that it will provide the San Francisco-based subsidiary with a capital infusion of up to $180 million during the second quarter.
BUSINESS
October 16, 1998 | STUART SILVERSTEIN and DAVAN MAHARAJ, TIMES STAFF WRITERS
Investigators with the Labor Department have found that the former owners of Sumitomo Bank of California failed to recruit African Americans for the lending institution's high-level jobs and discriminated against both black and Latino employees by paying them less than other workers. Federal officials said Thursday that they believe the pay discrimination took place in some, but not all, job categories. They said the discrimination affected at most 250 African American and Latino employees.
BUSINESS
July 30, 1998
Sumitomo Bank of California shareholders approved a $546-million takeover by Zions Bancorp of Salt Lake City, according to the San Francisco-based unit of Japan's Sumitomo Bank Ltd. Zions agreed in March to buy Sumitomo's shares for $38.25 each. It also agreed to pay $32.26 a share for the Japanese parent's 85% stake. The transaction was controversial when it was announced in March because Zions was to buy the troubled bank for 24% less than its market price.
BUSINESS
January 5, 1993 | From Times Staff and Wire Reports
Bank Branch Opens: Sumitomo Bank of California opened an Orange County commercial banking office Monday in Huntington Beach. The bank, the seventh largest in the state, opened the office at 20100 Magnolia St. as part of its effort to target middle-market companies. In early 1991, it created a new commercial banking division to handle services for California businesses with annual sales of $5 million to $250 million.
BUSINESS
September 18, 1998
* Salt Lake City-based Zions Bancorp's $546-million acquisition of Sumitomo Bank of California received the final necessary approval from the Federal Deposit Insurance Corp. Zions can now move forward with buying the San Francisco-based unit of Japan's Sumitomo Bank Ltd. * * Orange-based Bergen Brunswig Corp., the third-largest drug wholesaler in the U.S., agreed to buy Ransdell Surgical Inc. for an undisclosed price to expand its sales of medical and surgical products. * * Yahoo Inc., the No.
BUSINESS
October 16, 1998 | STUART SILVERSTEIN and DAVAN MAHARAJ, TIMES STAFF WRITERS
Investigators with the Labor Department have found that the former owners of Sumitomo Bank of California failed to recruit African Americans for the lending institution's high-level jobs and discriminated against both black and Latino employees by paying them less than other workers. Federal officials said Thursday that they believe the pay discrimination took place in some, but not all, job categories. They said the discrimination affected at most 250 African American and Latino employees.
BUSINESS
March 8, 1997 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Sumitomo Bank of California this week announced a $1-billion community investment campaign, but a statewide coalition of minority and low-income groups immediately criticized the program on Friday as a "recycling of bad faith" that echoed promises the bank made in 1993. San Francisco-based Sumitomo, which has been criticized by community groups for inadequate lending to blacks and Latinos, on Thursday announced plans to expand a 10-year commitment to Community Reinvestment Act goals.
NEWS
January 22, 1993 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
In the largest commitment of its kind from a Japanese-controlled bank, Sumitomo Bank of California on Thursday unveiled an agreement to provide more than $500 million--a full 10% of its assets--in home and community development loans to neglected areas in California. Sumitomo said it has made a 10-year commitment to make these loans in low- and moderate-income communities all over the state.
BUSINESS
September 18, 1998
* Salt Lake City-based Zions Bancorp's $546-million acquisition of Sumitomo Bank of California received the final necessary approval from the Federal Deposit Insurance Corp. Zions can now move forward with buying the San Francisco-based unit of Japan's Sumitomo Bank Ltd. * * Orange-based Bergen Brunswig Corp., the third-largest drug wholesaler in the U.S., agreed to buy Ransdell Surgical Inc. for an undisclosed price to expand its sales of medical and surgical products. * * Yahoo Inc., the No.
BUSINESS
July 30, 1998
Sumitomo Bank of California shareholders approved a $546-million takeover by Zions Bancorp of Salt Lake City, according to the San Francisco-based unit of Japan's Sumitomo Bank Ltd. Zions agreed in March to buy Sumitomo's shares for $38.25 each. It also agreed to pay $32.26 a share for the Japanese parent's 85% stake. The transaction was controversial when it was announced in March because Zions was to buy the troubled bank for 24% less than its market price.
BUSINESS
March 26, 1998 | DEBORA VRANA, TIMES STAFF WRITER
Japan's Sumitomo Bank Ltd. on Wednesday became one of the first Asian banks to shed a major U.S. subsidiary, announcing a deal to sell its California operations to Salt Lake City-based Zions Bancorporation for $546 million in cash. Analysts expect more such sales as Japanese and other Asian banks, burdened by hundreds of billions of dollars in soured loans and the effects of the region's ongoing economic crisis, seek ways to return to financial health.
BUSINESS
March 8, 1997 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Sumitomo Bank of California this week announced a $1-billion community investment campaign, but a statewide coalition of minority and low-income groups immediately criticized the program on Friday as a "recycling of bad faith" that echoed promises the bank made in 1993. San Francisco-based Sumitomo, which has been criticized by community groups for inadequate lending to blacks and Latinos, on Thursday announced plans to expand a 10-year commitment to Community Reinvestment Act goals.
BUSINESS
June 7, 1995
Directors of Sumitomo Bank of California named Tsuneo Onda president and chief executive, effective immediately, the San Francisco-based bank said Tuesday. Onda, 54, replaces Tadaichi Ikagawa, 56, who returns to Tokyo to become president and chief executive of Sumitomo Bank International Business Service Co., another subsidiary of Japan's Sumitomo Bank. Onda has been an executive vice president and a director of the California bank since December, 1993.
BUSINESS
March 22, 1995 | Times Staff and Wire Reports
Sumitomo Bank of California to Get Capital Infusion: The bank, struggling with problem loans, announced that it has received the assurance of its parent, Sumitomo Bank of Japan, that it will provide the San Francisco-based subsidiary with a capital infusion of up to $180 million during the second quarter.
BUSINESS
March 26, 1998 | DEBORA VRANA, TIMES STAFF WRITER
Japan's Sumitomo Bank Ltd. on Wednesday became one of the first Asian banks to shed a major U.S. subsidiary, announcing a deal to sell its California operations to Salt Lake City-based Zions Bancorporation for $546 million in cash. Analysts expect more such sales as Japanese and other Asian banks, burdened by hundreds of billions of dollars in soured loans and the effects of the region's ongoing economic crisis, seek ways to return to financial health.
CALIFORNIA | LOCAL
March 16, 2006 | Hector Becerra, Times Staff Writer
After years of fretting under a $26-million debt, the city of Gardena has reached a settlement with two creditors. Under the agreement, the city will refinance $20-million worth of debt and pay $19 million by June 14 to Sumitomo Trust & Banking Co. and Union Bank of California. The city will make an additional payment of $2.6 million by the end of the year, and with that, Gardena's obligation to the banks will be over. "It'll be done.
NEWS
January 22, 1993 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
In the largest commitment of its kind from a Japanese-controlled bank, Sumitomo Bank of California on Thursday unveiled an agreement to provide more than $500 million--a full 10% of its assets--in home and community development loans to neglected areas in California. Sumitomo said it has made a 10-year commitment to make these loans in low- and moderate-income communities all over the state.
BUSINESS
January 5, 1993 | From Times Staff and Wire Reports
Bank Branch Opens: Sumitomo Bank of California opened an Orange County commercial banking office Monday in Huntington Beach. The bank, the seventh largest in the state, opened the office at 20100 Magnolia St. as part of its effort to target middle-market companies. In early 1991, it created a new commercial banking division to handle services for California businesses with annual sales of $5 million to $250 million.
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