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Sunwest Bank

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BUSINESS
April 29, 1999
The Tustin bank reported first-quarter net income of $642,000, 9% higher than the $590,000 posted a year ago. Total assets increased 7% to $154.2 million from $144.4 million.
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CALIFORNIA | LOCAL
October 9, 2012 | By Christopher Goffard, Los Angeles Times
SAN QUENTIN - John C. Abel is the first to admit he's led a crook's life. He robbed banks and convenience stores, grocery marts and check-cashing joints. He terrified people with Uzi-style Mac 11s and .22-caliber handguns, Browning pistols and Dirty Harry-style Magnums. His stickup jag dated to the 1960s and sliced through the country from Massachusetts to California. "Even a couple islands up there by Seattle," he adds, in the genial voice of an old ballplayer reminiscing about a far-traveling career.
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BUSINESS
March 10, 1985
Centennial Beneficial Corp. of Orange said it is has amended its agreement to acquire Tustin-based Sunwest Bank, slashing the purchase price by nearly one-third, to $10.75 million, or $50.75 a share. Centennial, a publicly owned bank holding company formed in 1981, last year had offered $16 million, or $75.50 per share, for Sunwest, which has five offices and more than $150 million in assets.
BUSINESS
June 27, 2009 | E. Scott Reckard
Regulators shut down community lenders Mirae Bank in Los Angeles' Koreatown district and MetroPacific Bank in Irvine on Friday, saying both were operating with dangerously low capital cushions against losses. This brought the number of bank failures this year in California to six. The five branches of Mirae Bank will reopen Monday as part of Wilshire State Bank, a larger Koreatown bank that will assume all $362 million of Mirae's deposits. Wilshire, whose parent company is Wilshire Bancorp Inc.
BUSINESS
June 26, 2001
West Coast Bancorp, a California bank holding company, said Monday that it is merging into its majority-owned subsidiary, Sunwest Bank in Tustin, to save operating costs for both firms. The parent company said in a news release that West Coast shareholders will receive about 3.3 shares of Sunwest stock for every 100 shares of West Coast stock. West Coast, which once was a multi-bank holding company, owns 56.5% of Sunwest.
BUSINESS
August 24, 1997
Sunwest Bank, ridding itself of most of its bad loans after a restructuring last year, posted second-quarter earnings of $831,000, a more than 10-fold increase over the $82,000 earned in last year's second quarter. Total quarterly revenue grew 12% to $2.8 million from $2.5 million last year. For the first six months, the bank earned $1 million, nearly a fivefold increase over $217,000 earned in last year's first half. Revenue for the period rose 6% to $5.4 million this year from $5.1 million.
BUSINESS
June 19, 1985 | HEIDI EVANS, Times Staff Writer
Centennial Beneficial Corp. of Orange completed its acquisition of Sunwest Bank of Tustin for $10.75 million, boosting its assets to more than $200 million. The final deal, signed Tuesday, gives the multibank holding company Sunwest's five branches that include 161 employees and more than $150 million in assets. Formed in 1981, expansion-minded Centennial also owns Sacramento First National Bank, Heritage Thrift and Loan Assn. in Brea and Centennial Beneficial Mortgage Co. in Orange.
BUSINESS
November 29, 1990 | JAMES S. GRANELLI, TIMES STAFF WRITER
Sunwest Bank in Tustin has won a $5.8-million jury verdict against its insurance carrier, Lloyd's of London, for failing to defend the bank against claims of wrongful seizure of certain deposits four years ago. The unanimous verdict Tuesday by a six-person jury in U.S. District Court includes $2.5 million in punitive damages. The judgment could grow to more than $7 million once Judge Robert M. Takasugi tacks on attorney fees and interest at an as-yet-unscheduled hearing.
BUSINESS
June 27, 2009 | E. Scott Reckard
Regulators shut down community lenders Mirae Bank in Los Angeles' Koreatown district and MetroPacific Bank in Irvine on Friday, saying both were operating with dangerously low capital cushions against losses. This brought the number of bank failures this year in California to six. The five branches of Mirae Bank will reopen Monday as part of Wilshire State Bank, a larger Koreatown bank that will assume all $362 million of Mirae's deposits. Wilshire, whose parent company is Wilshire Bancorp Inc.
BUSINESS
June 26, 2001
West Coast Bancorp, a California bank holding company, said Monday that it is merging into its majority-owned subsidiary, Sunwest Bank in Tustin, to save operating costs for both firms. The parent company said in a news release that West Coast shareholders will receive about 3.3 shares of Sunwest stock for every 100 shares of West Coast stock. West Coast, which once was a multi-bank holding company, owns 56.5% of Sunwest.
BUSINESS
December 5, 2000
* Roger T. Kirwan, Jack H. Norberg and Jillyn Hess-Verdon have joined the board of directors of Sunwest Bank in Tustin. Kirwan is chairman of the Orange County Performing Arts Center. Norberg is chief executive of Standard Investment Chartered Inc., and Hess-Verdon is a Newport Beach attorney and president of Hess-Verdon & Associates. * Julien R. Cooper has been selected manager of information technology for Professional Community Management Inc. in Lake Forest.
BUSINESS
February 25, 2000
The bank, with offices in Tustin, Newport Beach and Orange, said net income for the fourth quarter totaled $566,000, down 21% from the $718,000 recorded for the 1998 fourth quarter. Net income for the year rose 27% to a record $3.3 million from $2.6 million. Total assets increased 22% to $186.8 million from $153.7 million. Sunwest is owned by West Coast Bancorp.
BUSINESS
October 27, 1999
The Tustin holding company for Sunwest Bank said net income for the third quarter increased 54% to $618,000, or 7 cents a share, from $401,000, or 4 cents a share, for the like 1998 period. Total assets rose 18% to $180.4 million.
BUSINESS
July 30, 1999
West Coast Bancorp: The Tustin parent company of Sunwest Bank posted net income of $475,000, or 5 cents a share, for the second quarter, 91% higher than the $249,000, or 3 cents a share, for the corresponding period last year. Total assets rose 10% to $170.7 million.
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