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BUSINESS
June 21, 1985
Federal bank regulators ordered the West Los Angeles bank to stop doing business with a group of borrowers to whom it had loaned more than $1.7 million. Acting bank President Joe Rotheram would not identify the borrowers nor the purpose of the loans but said the bank expects to recover at least $1.2 million of the funds. The bank lost $1.4 million in this year's first quarter because of bad loans and recently underwent a management change.
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BUSINESS
April 18, 2007 | E. Scott Reckard, Times Staff Writer
The U.S. Supreme Court ruled Tuesday that units of national banks were largely exempt from state regulation, a decision critics said would further erode the ability of California and other states to enforce consumer-protection laws. The 5-3 decision involved a dispute between the state of Michigan and Wachovia Corp.'s mortgage loan subsidiary. But consumer groups said banks could use the ruling to run a variety of enterprises unrelated to banking -- and outside the scrutiny of state regulators.
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BUSINESS
April 18, 2007 | E. Scott Reckard, Times Staff Writer
The U.S. Supreme Court ruled Tuesday that units of national banks were largely exempt from state regulation, a decision critics said would further erode the ability of California and other states to enforce consumer-protection laws. The 5-3 decision involved a dispute between the state of Michigan and Wachovia Corp.'s mortgage loan subsidiary. But consumer groups said banks could use the ruling to run a variety of enterprises unrelated to banking -- and outside the scrutiny of state regulators.
BUSINESS
January 29, 1999 | JOHN O'DELL, TIMES STAFF WRITER
Fleetwood Credit Corp. in Yorba Linda, the nation's largest lender to recreational-vehicle buyers and dealers, will be sold to a unit of BankAmerica Corp., the companies said Thursday. Details of the all-cash deal were not disclosed. BankAmerica, which recently merged with NationsBank, saw the Fleetwood acquisition as the logical way to expand its presence in the expanding recreational-vehicle, or RV, market, a spokeswoman said.
BUSINESS
January 29, 1999 | JOHN O'DELL, TIMES STAFF WRITER
Fleetwood Credit Corp. in Yorba Linda, the nation's largest lender to recreational-vehicle buyers and dealers, will be sold to a unit of BankAmerica Corp., the companies said Thursday. Details of the all-cash deal were not disclosed. BankAmerica, which recently merged with NationsBank, saw the Fleetwood acquisition as the logical way to expand its presence in the expanding recreational-vehicle, or RV, market, a spokeswoman said.
BUSINESS
February 11, 1988
Steven I. Fried has been named president and chief executive of Western United National Bank, Los Angeles.
BUSINESS
July 2, 2005 | Josh Friedman
Shares of East West Bancorp Inc. rose 7% on Friday after the San Marino company said it would buy cross-town rival United National Bank for an estimated $165 million. Under terms of the deal announced late Thursday, 60% to 70% of the purchase price would be paid in stock and the rest in cash, at the seller's discretion. The deal would "further solidify" East West Bank's position in the Chinese American market, its parent company said.
BUSINESS
June 27, 1986 | Associated Press
BancTexas Group Inc., troubled by bad energy and real estate loans, says it has given tentative approval for a merger with United National Bank of Dallas. The deal contains numerous contingencies, including the sale of certain loans to the Federal Deposit Insurance Corp. and the sale of BancTexas' four Houston banks to a third party. United National Bank is a member of the Ford Bank Group, a collection of 25 banks in Texas and New Mexico with assets of $2.2 billion.
BUSINESS
April 8, 1989
West L.A. Bank Deal: The two top executives of Western United National Bank in West Los Angeles have reached an agreement to acquire control of the institution from International Capital Trust, a British company with headquarters in Geneva. Robert T. Shmaeff, chairman of Western United, and Steven I. Fried, its president and chief executive, will acquire 75% of the bank's stock from ICT. The sale of the bank, which has assets of $15 million, is subject to regulatory approval and other contingencies.
BUSINESS
June 21, 1985
Federal bank regulators ordered the West Los Angeles bank to stop doing business with a group of borrowers to whom it had loaned more than $1.7 million. Acting bank President Joe Rotheram would not identify the borrowers nor the purpose of the loans but said the bank expects to recover at least $1.2 million of the funds. The bank lost $1.4 million in this year's first quarter because of bad loans and recently underwent a management change.
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