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Ventura National Bancorp

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BUSINESS
July 7, 1992 | JACK SEARLES
Ventura County National Bancorp is planning to merge its key operating unit, Ventura County National Bank, with its two-branch subsidiary, Frontier Bank. The consolidation should result in considerable cost savings and no branch closures are planned, said Nancy Jackson, VCN Bancorp's senior vice president for administration and investor relations. As part of the consolidation, 18 positions have been eliminated at the two banks in the past month, Jackson said.
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CALIFORNIA | LOCAL
September 17, 1996 | MACK REED and KATE FOLMAR, SPECIAL TO THE TIMES
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.
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BUSINESS
March 3, 1992
Ventura County National Bancorp said its board declared a 6% stock dividend, to be paid March 30 to stockholders of record March 9. The parent of Ventura County National Bank has declared four stock dividends and three stock splits since it was founded in 1982.
BUSINESS
December 28, 1993
Ventura County National Bancorp said it has raised about $1.56 million through a private placement of common stock and promissory notes to its directors and other investors. The money raised was used to retire a loan that funded the company's Employee Stock Ownership Plan. It said the loan repayment would save $70,000 in interest expense in 1994. The investors purchased 719,580 shares at just under $2 each and $125,000 in promissory notes.
BUSINESS
May 5, 1992
Ventura County National Bancorp, the Oxnard parent of Ventura County National Bank and Frontier Bank, said its first-quarter profit increased 120% to $520,000 from $236,000 a year earlier. "We are beginning to see signs of a stronger economy and an improved business climate," said William E. McAleer, president and chief executive officer. For the three months ended March 31, McAleer said the company's loan charge-offs decreased 58% to $209,000 from $498,000 a year earlier.
BUSINESS
May 11, 1993 | JILL BETTNER, TIMES STAFF WRITER
William E. McAleer has resigned as president, chief executive and a director of Ventura County National Bancorp and its Ventura County National Bank unit after the company restated its first-quarter results and posted a $1.6-million loss. The loss came after adding $3.3 million to its loan-loss reserves, the Oxnard-based bank holding company said. Previously, it had reported net income of $518,000 for the first quarter.
BUSINESS
April 6, 1993 | DON LEE, TIMES STAFF WRITER
After a critical review by federal regulators, Ventura County National Bancorp's two subsidiaries have agreed to stringent new financial requirements to improve management and performance of their operations. Ventura County National Bank and Frontier Bank, units of the Oxnard-based bank holding company, each made the agreements after the Office of the Comptroller of the Currency alleged certain violations of federal banking laws.
NEWS
January 4, 1990 | JAMES F. PELTZ, TIMES STAFF WRITER
With the opening of the stock market on Tuesday, shares of Ventura County National Bancorp started trading on the NASDAQ National Market System--the big leagues of over-the-counter market governed by the National Assn. of Securities Dealers. Until now, VCNB, whose main unit is Oxnard-based Ventura County National Bank, had been a "pink-sheet" stock that was thinly traded and virtually ignored by analysts.
BUSINESS
May 11, 1993 | JILL BETTNER, TIMES STAFF WRITER
William E. McAleer has resigned as president, chief executive and a director of Ventura County National Bancorp and its Ventura County National Bank unit after the company restated its first-quarter results and posted a $1.6-million loss. The loss came after adding $3.3 million to its loan-loss reserves, the Oxnard-based bank holding company said. Previously, it had reported net income of $518,000 for the first quarter.
BUSINESS
April 6, 1993 | DON LEE, TIMES STAFF WRITER
After a critical review by federal regulators, Ventura County National Bancorp's two subsidiaries have agreed to stringent new financial requirements to improve management and performance of their operations. Ventura County National Bank and Frontier Bank, units of the Oxnard-based bank holding company, each made the agreements after the Office of the Comptroller of the Currency alleged certain violations of federal banking laws.
BUSINESS
July 7, 1992 | JACK SEARLES
Ventura County National Bancorp is planning to merge its key operating unit, Ventura County National Bank, with its two-branch subsidiary, Frontier Bank. The consolidation should result in considerable cost savings and no branch closures are planned, said Nancy Jackson, VCN Bancorp's senior vice president for administration and investor relations. As part of the consolidation, 18 positions have been eliminated at the two banks in the past month, Jackson said.
BUSINESS
May 5, 1992
Ventura County National Bancorp, the Oxnard parent of Ventura County National Bank and Frontier Bank, said its first-quarter profit increased 120% to $520,000 from $236,000 a year earlier. "We are beginning to see signs of a stronger economy and an improved business climate," said William E. McAleer, president and chief executive officer. For the three months ended March 31, McAleer said the company's loan charge-offs decreased 58% to $209,000 from $498,000 a year earlier.
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