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United Community Bank

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BUSINESS
July 28, 1987
Westlake Bancorp changed its name to United Community Bank after completing its $600,000 acquisition of Brentwood Bank in Los Angeles. Westlake Bancorp, based in Westlake Village, is the closely held parent of Westlake Thrift & Loan Assn. The thrift, with branches in Westlake Village and Costa Mesa, retained its name but became a unit of United Community Bank. The one-branch Brentwood Bank also became part of United Community Bank and adopted that name.
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CALIFORNIA | LOCAL
April 20, 1994 | MATTHEW MOSK, SPECIAL TO THE TIMES
Thousand Oaks banker Olen B. Phillips pleaded guilty to two counts of a 12-count indictment for bank fraud and could face up to 24 months in prison, an assistant U. S. attorney said Tuesday. And Phillips' banking partner, Phillip L. Chase, will enter a guilty plea today to one charge of the indictment, his attorney said. The indictment by a federal grand jury in Los Angeles accused the two men of understating their debts when applying for loans from banks in Los Angeles and Ventura counties.
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CALIFORNIA | LOCAL
December 29, 1993 | MACK REED, TIMES STAFF WRITER
A federal jury Tuesday acquitted former Thousand Oaks banker Phillip L. Chase of one count of filing false documents, but triggered a mistrial in a government bank fraud case by deadlocking on eight other fraud counts against him and former partner Olen B. Phillips. The mistrial set the stage for a retrial set March 1 of both Chase and Phillips on the eight remaining charges accusing them of defrauding bank regulators in a bid to save their foundering United Community Bank in 1989.
CALIFORNIA | LOCAL
December 29, 1993 | MACK REED, TIMES STAFF WRITER
A federal jury Tuesday acquitted former Thousand Oaks banker Phillip L. Chase of one count of filing false documents, but triggered a mistrial in a government bank fraud case by deadlocking on eight other fraud counts against him and former partner Olen B. Phillips. The mistrial set the stage for a retrial set March 1 of both Chase and Phillips on the eight remaining charges accusing them of defrauding bank regulators in a bid to save their foundering United Community Bank in 1989.
CALIFORNIA | LOCAL
May 25, 1993 | JULIE FIELDS
Two officers of a defunct Thousand Oaks bank were arraigned Monday in U.S. District Court in connection with a 1989 scheme to keep their failing bank open so they would not lose millions of dollars they had invested. Phillip L. Chase, 51, of Westlake and Olen B. Phillips, 53, of Oak View pleaded not guilty to charges they made false statements to influence the Federal Deposit Insurance Corp., misused bank funds and made false entries on bank records.
CALIFORNIA | LOCAL
April 20, 1994 | MATTHEW MOSK, SPECIAL TO THE TIMES
Thousand Oaks banker Olen B. Phillips pleaded guilty to two counts of a 12-count indictment for bank fraud and could face up to 24 months in prison, an assistant U. S. attorney said Tuesday. And Phillips' banking partner, Phillip L. Chase, will enter a guilty plea today to one charge of the indictment, his attorney said. The indictment by a federal grand jury in Los Angeles accused the two men of understating their debts when applying for loans from banks in Los Angeles and Ventura counties.
CALIFORNIA | LOCAL
May 6, 1993 | DARYL KELLEY, TIMES STAFF WRITER
A federal grand jury Wednesday indicted two officers of a defunct Thousand Oaks bank, charging them with fraud and misuse of funds in a 1989 scheme to keep their failing bank open so they would not lose millions of dollars they had invested in it. The grand jury charged that Phillip L. Chase, 51, of Westlake and Olen B.
CALIFORNIA | LOCAL
April 24, 1992 | RON SOBLE
A representative for a pension plan that lost $900,000 through an alleged massive real estate investment fraud in Ventura County told jurors Thursday that he knew the lead defendant, Olen B. Phillips, for a decade and that Phillips' real estate investment operation exuded a prosperous image.
NEWS
December 14, 1989 | WILLIAM OVEREND, TIMES STAFF WRITER
It was among the fastest-growing savings and loan companies in the nation--willing to gamble on its customers and eager to make loans many banks would not consider. The first years of the 1980s were a boom time for Westlake Thrift & Loan of Westlake Village as it grew into a company of more than 100 employees and almost $100 million in assets. Automobile loans were a company specialty.
CALIFORNIA | LOCAL
May 25, 1993 | JULIE FIELDS
Two officers of a defunct Thousand Oaks bank were arraigned Monday in U.S. District Court in connection with a 1989 scheme to keep their failing bank open so they would not lose millions of dollars they had invested. Phillip L. Chase, 51, of Westlake and Olen B. Phillips, 53, of Oak View pleaded not guilty to charges they made false statements to influence the Federal Deposit Insurance Corp., misused bank funds and made false entries on bank records.
CALIFORNIA | LOCAL
May 6, 1993 | DARYL KELLEY, TIMES STAFF WRITER
A federal grand jury Wednesday indicted two officers of a defunct Thousand Oaks bank, charging them with fraud and misuse of funds in a 1989 scheme to keep their failing bank open so they would not lose millions of dollars they had invested in it. The grand jury charged that Phillip L. Chase, 51, of Westlake and Olen B.
CALIFORNIA | LOCAL
April 24, 1992 | RON SOBLE
A representative for a pension plan that lost $900,000 through an alleged massive real estate investment fraud in Ventura County told jurors Thursday that he knew the lead defendant, Olen B. Phillips, for a decade and that Phillips' real estate investment operation exuded a prosperous image.
NEWS
December 14, 1989 | WILLIAM OVEREND, TIMES STAFF WRITER
It was among the fastest-growing savings and loan companies in the nation--willing to gamble on its customers and eager to make loans many banks would not consider. The first years of the 1980s were a boom time for Westlake Thrift & Loan of Westlake Village as it grew into a company of more than 100 employees and almost $100 million in assets. Automobile loans were a company specialty.
BUSINESS
July 28, 1987
Westlake Bancorp changed its name to United Community Bank after completing its $600,000 acquisition of Brentwood Bank in Los Angeles. Westlake Bancorp, based in Westlake Village, is the closely held parent of Westlake Thrift & Loan Assn. The thrift, with branches in Westlake Village and Costa Mesa, retained its name but became a unit of United Community Bank. The one-branch Brentwood Bank also became part of United Community Bank and adopted that name.
CALIFORNIA | LOCAL
December 3, 1993 | MACK REED, TIMES STAFF WRITER
A former Thousand Oaks banker testified in federal court Thursday that he did not know it was illegal when he and his partner tried to save their failing bank by loaning $300,000 to customers and borrowing that amount back to buy bank stock. Phillip L. Chase explained that he and partner Olen B. Phillips were merely trying to save United Community Bank from faltering under a rash of bad loans, a fraud scheme by some customers, and demands from state bank regulators that they raise more capital.
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