CALIFORNIA | LOCAL
December 27, 1996 |
The $47-million merger of Ventura County National Bancorp and City National Corp. inched a step further, as bank officials announced this week that they have secured all necessary federal regulatory approvals. The merger is still subject to approval by Ventura County National Bancorp shareholders at a Jan. 14 meeting. If approved, the merger is expected to be completed by Jan. 17.
November 5, 1996 |
Net income for Ventura County National Bancorp dipped slightly in the third quarter of this year compared to a year ago, officials reported. For the quarter ended Sept. 30, net income was $575,000 or 6 cents a share, compared with $650,000 or 7 cents a share a year earlier. The third-quarter results include costs of $300,000 associated with the forthcoming merger with City National Corp., which is expected to close in early 1997.
CALIFORNIA | LOCAL
September 17, 1996 |
Ventura County lost another community bank Monday--a victim of the continuing trend of giant banks gobbling up smaller ones. Beverly Hills-based City National Bank has revealed plans to buy Ventura County National Bancorp for $47 million. The purchase--expected to be completed in early 1997--would merge the county's largest local bank with Southern California's largest independent bank, and add another name to the ranks of vanished Ventura County financial institutions.
February 27, 1996 |
Earnings of Ventura County National Bancorp increased in the final quarter of 1995 over the same period a year earlier, although profits at the company's main unit, Ventura County National Bank, declined. In the three months that ended Dec. 31, Ventura County National Bancorp had net income of $2.3 million, or 30 cents a share. A year earlier, the holding company earned only $50,000, or 1 cent a share.
December 12, 1995 |
Ventura County National Bancorp, Oxnard-based parent of Ventura County National Bank, says it is no longer operating under an agreement imposed since 1993 by the U.S. comptroller of the currency. Richard S. Cupp, president and chief executive of both the holding company and the bank, hailed the announcement as the final step in the bank's return to "solid performance and results." He said capital-to-liability ratios are now well above required levels.