October 8, 2013 |
Five years after Washington bailed out more than 700 banks, the money has become a burden for more than 100 community banks that can't seem to repay it. About a dozen of those are in California, and they are facing increasing pressure as the federal government looks to close out the Troubled Asset Relief Program, or TARP. The banks will soon face a big increase in the annual dividend they must pay the government on its investment - to 9% from 5%. Some of the banks will have to sell out or bring in new shareholders - who might demand control of the institution in exchange for the cash infusion.
September 27, 2013 |
With the city of Los Angeles cracking down on many forms of outdoor advertising, Chase Bank has found a creative way to promote its brand - at the top of a downtown condominium tower. It's common for commercial tenants to put their names on office high-rises, but it's uncharted territory for a residential building, at least in Los Angeles, real estate experts said. "Here in Southern California, I can't think of any residential units that have building-top signage," said Tim Miller, a Jones Lang LaSalle broker who has negotiated several such deals at downtown office buildings.
August 28, 2013 |
In the annals of image problems, the banking industry ranks right up there .... er, down there ... in the company of Congress, with a high-profile survey ranking Bank of America Corp. at the bottom of the heap. Five years after the financial crisis, the Reputation Institute survey said banking has a worse reputation than Big Pharma, news outlets, oil companies and telecommunications firms -- though not so bad as Congress. The most highly regarded industries were transport, consumer products, industrial products, food manufacturing and computers.
August 28, 2013 |
Open Road Films, the distribution company that released this summer's "Jobs," has extended its $100-million revolving credit facility through 2018. The company, which was founded in 2011 by exhibitors AMC Entertainment and Regal Entertainment Group, said the new credit facility would allow it to reduce borrowing costs. Lenders Bank of America, Union Bank, OneWest Bank and Wells Fargo all renewed their commitments with the Los Angeles-based film company. PHOTOS: Hollywood Backlot moments "In two years, Open Road has exceeded expectations, and we are proud to have done this with the backing of Bank of America, Union Bank, OneWest Bank and Wells Fargo," Tom Ortenberg, chief executive of Open Road, said in a statement.
February 15, 2013 |
Cable companies love to offer combo deals on telephone, Internet and a slew of TV channels you'll never watch. Product bundling also is standard in industries as varied as fast food, cars and software. It's the same with banks, most of which won't sell you a simple checking account except in a fixed-price package with add-ons such as debit cards, mobile apps, online bill payment or savings accounts. Now, in an effort to distinguish itself from the pack, Union Bank is offering customers an a la carte menu - the banking equivalent of breaking up the value meal and promoting burgers, fries and drinks separately.
October 19, 2012 |
LONDON - European leaders took a step forward Friday in their effort to put all of the Eurozone's banks under central oversight but sketched out a time frame that suggests the new system will not be up and running until months after its anticipated start date. An agreement in June to appoint a single banking supervisor for the 17 nations that use the euro was hailed as a major weapon in the fight against the region's persistent debt crisis. Stronger oversight would pave the way for ailing banks to receive help directly from Europe's bailout fund, without governments having to step in with aid that then worsened their own budget problems.