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Valley State Bank

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BUSINESS
May 12, 1987 | DANIEL AKST, Times Staff Writer
Valley State Bank, an Encino financial institution buffeted by loan losses and a $600,000 embezzlement, has agreed to be acquired by Capital Bank of California in a stock transaction not likely to exceed $3 million, Capital chairman Abel Holtz said. Capital, a unit of Miami-based Capital Bancorp, is based in Century City. Valley State's five offices are all in the San Fernando Valley, and, Holtz said, the acquisition offers an opportunity to expand into the Valley market.
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CALIFORNIA | LOCAL
June 22, 1988 | JOHN JOHNSON, Times Staff Writer
A man authorities said was the mastermind of a gold theft that helped topple Valley State Bank in Encino last year was sentenced to eight years in federal prison Tuesday. Don K. Gray II was sentenced by U.S. District Judge Edward Rafeedie in the theft of $600,000 in gold bars and coins from the small bank in late 1986. He pleaded guilty to three counts of wire and mail fraud. Rafeedie said the theft was a "significant factor" in the bank's failure.
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BUSINESS
September 30, 1987 | GREGORY CROUCH, Times Staff Writer
Valley State Bank's five offices reopened Tuesday as part of Capital Bank of California after Encino-based Valley State was closed by the California state Banking Department on Monday because loan and operating losses had exhausted its capital. Capital Bank of California, based in Century City, has purchased $46.7 million in assets of the failed bank from the Federal Deposit Insurance Corp. The FDIC provided Capital with about $29 million in financial assistance in the acquisition.
BUSINESS
March 1, 1988 | GREGORY CROUCH, Times Staff Writer
When Don Kenneth Gray II dressed up as Santa Claus and handed out Christmas gifts at Valley State Bank in December, 1986, it was not the first time that he had pretended to be somebody else, according to the U.S. attorney's office and the FBI. For the last four months of 1986, Gray used the alias Daniel Ryan Hamilton and worked as a data processing clerk at the Encino bank. A quiet and hard-working employee, he was very popular.
BUSINESS
July 15, 1985 | STUART SILVERSTEIN, Times Staff Writer
Olympic National Bancorp, a Westside bank holding company, and Encino-based Valley State Bank announced Sunday that they expect to sign a preliminary agreement today to combine into a financial-services company with more than $220 million in assets. The proposed agreement would team two young, fast-growing banking organizations that both lost money in 1983 and 1984 but have posted profits this year.
BUSINESS
July 16, 1985 | STUART SILVERSTEIN, Times Staff Writer
Valley State Bank, trying to rebound from two years of losses, is counting heavily on a merger to turn itself into a consistently profitable regional bank. The Encino-based institution, the fifth-largest bank based in the San Fernando Valley, disclosed Sunday that it is working on plans to combine with Olympic National Bancorp, a Westside bank-holding company.
CALIFORNIA | LOCAL
June 22, 1988 | JOHN JOHNSON, Times Staff Writer
A man authorities said was the mastermind of a gold theft that helped topple Valley State Bank in Encino last year was sentenced to eight years in federal prison Tuesday. Don K. Gray II was sentenced by U.S. District Judge Edward Rafeedie in the theft of $600,000 in gold bars and coins from the small bank in late 1986. He pleaded guilty to three counts of wire and mail fraud. Rafeedie said the theft was a "significant factor" in the bank's failure.
BUSINESS
March 1, 1988 | GREGORY CROUCH, Times Staff Writer
When Don Kenneth Gray II dressed up as Santa Claus and handed out Christmas gifts at Valley State Bank in December, 1986, it was not the first time that he had pretended to be somebody else, according to the U.S. attorney's office and the FBI. For the last three months of 1986, Gray used the alias Daniel Ryan Hamilton and worked as a data processing clerk at the Encino bank. A quiet and hard-working employee, he was very popular.
BUSINESS
March 1, 1988 | GREGORY CROUCH, Times Staff Writer
When Don Kenneth Gray II dressed up as Santa Claus and handed out Christmas gifts at Valley State Bank in December, 1986, it was not the first time that he had pretended to be somebody else, according to the U.S. attorney's office and the FBI. For the last three months of 1986, Gray used the alias Daniel Ryan Hamilton and worked as a data processing clerk at the Encino bank. A quiet and hard-working employee, he was very popular.
BUSINESS
October 27, 1987 | GREGORY CROUCH, Times Staff Writer
Last New Year's Eve, Jules Huppert was sitting alone in his Encino office. Three years had passed since he had taken over as president of Valley State Bank, and there was little to celebrate. Valley State had charged off $3.7 million in bad loans over the past three years, a high figure for a bank with only $100 million in assets. The bank was also in trouble with the Federal Deposit Insurance Corp. for failing to disclose certain fees it charged borrowers.
BUSINESS
September 30, 1987 | GREGORY CROUCH, Times Staff Writer
Valley State Bank's five offices reopened Tuesday as part of Capital Bank of California after Encino-based Valley State was closed by the California state Banking Department on Monday because loan and operating losses had exhausted its capital. Capital Bank of California, based in Century City, has purchased $46.7 million in assets of the failed bank from the Federal Deposit Insurance Corp. The FDIC provided Capital with about $29 million in financial assistance in the acquisition.
BUSINESS
May 26, 1987 | JAMES BATES, Times Staff Writer
In the first quarter, Citicorp, the nation's largest bank, had to wrestle with the problem of bad loans from Brazil and ended up taking a $2.5-billion loss. In the San Fernando Valley area, local banks dealt with more indigenous problems, such as taking a $105,000 loss on a foreclosed beachfront home and trying to out-hustle the Big Three auto makers in order to grab more car loans.
BUSINESS
May 12, 1987 | DANIEL AKST, Times Staff Writer
Valley State Bank, an Encino financial institution buffeted by loan losses and a $600,000 embezzlement, has agreed to be acquired by Capital Bank of California in a stock transaction not likely to exceed $3 million, Capital chairman Abel Holtz said. Capital, a unit of Miami-based Capital Bancorp, is based in Century City. Valley State's five offices are all in the San Fernando Valley, and, Holtz said, the acquisition offers an opportunity to expand into the Valley market.
BUSINESS
July 30, 1985 | STUART SILVERSTEIN, Times Staff Writer
Bouncing back from weak performances last year, most of the largest banks and savings and loans with headquarters in the San Fernando Valley area posted sharp gains in profits during the second quarter of this year. Seven of the 10 locally based banks and S&Ls, with more than $100 million in assets, reported making more money in the second three months of 1985 than in the same period a year earlier.
BUSINESS
March 1, 1988 | GREGORY CROUCH, Times Staff Writer
When Don Kenneth Gray II dressed up as Santa Claus and handed out Christmas gifts at Valley State Bank in December, 1986, it was not the first time that he had pretended to be somebody else, according to the U.S. attorney's office and the FBI. For the last four months of 1986, Gray used the alias Daniel Ryan Hamilton and worked as a data processing clerk at the Encino bank. A quiet and hard-working employee, he was very popular.
BUSINESS
March 17, 1987 | DANIEL AKST, Times Staff Writer
San Fernando Valley banks with more than $100 million in assets posted a 38% earnings gain as a group in 1986, thanks to low interest rates and a generally strong economy. Despite the improved earnings, however, the group continued to show a mediocre aggregate return on assets of 0.68%, up from 0.63% in 1985. In contrast, California banks in the $100- million to $499-million asset range had an ROA of 0.82% for the first six months of 1986, according to the California Bankers Assn.
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