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Viejo Bancorp

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BUSINESS
June 20, 1990 | James S. Granelli, Times staff writer
Capitalizing on its recent financial success, the parent company of Mission Viejo National Bank moved its stock up a notch in status Tuesday when its shares started trading on the National Assn. of Securities Dealers Automated Quotations system. In its first day of trading on NASDAQ's national market system, Viejo Bancorp stock closed at $5.50 a share. The NASDAQ listing means that shares in Viejo Bancorp will be easier to sell and more readily available to purchasers.
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BUSINESS
July 17, 1991 | JAMES S. GRANELLI, TIMES STAFF WRITER
Mission Viejo National Bank, which revived itself after being at death's door six years ago, is again in serious trouble. The bank's parent company, Viejo Bancorp, announced Tuesday that the bank expects to report a "substantial" second-quarter loss that will deplete most of its reserves and equity and leave it with inadequate capital to meet federal requirements.
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BUSINESS
February 8, 1991 | JAMES S. GRANELLI, TIMES STAFF WRITER
The parent company of Mission Viejo National Bank said Thursday that it has tentatively agreed to give an Asian investor group a 50% stake in the firm in exchange for an expected $10 million in new capital. The private offering of newly issued stock would provide Viejo Bancorp with enough new capital to double its size and propel Mission Viejo National into the ranks of Orange County's larger banks. The bank currently has $147.5 million in assets.
BUSINESS
February 8, 1991 | JAMES S. GRANELLI, TIMES STAFF WRITER
The parent company of Mission Viejo National Bank said Thursday that it has tentatively agreed to give an Asian investor group a 50% stake in the firm in exchange for an expected $10 million in new capital. The private offering of newly issued stock would provide Viejo Bancorp with enough new capital to double its size and propel Mission Viejo National into the ranks of Orange County's larger banks. The bank currently has $147.5 million in assets.
BUSINESS
April 11, 1989
Directors of Viejo Bancorp in Mission Viejo approved a 10% stock dividend--the first such dividend in the company's 9-year history. The dividend will be distributed May 8 to shareholders of record next Monday. The company is the parent of Mission Viejo National Bank, which once was nearly closed by regulators but rebounded to become one of the county's top performing banks.
BUSINESS
April 11, 1989
Viejo Bancorp, the holding company for Mission Viejo National Bank, posted net income of $550,000 for the first quarter, a 75% increase from $315,000 in earnings in the first quarter of 1988. Total quarterly revenue rose 50% to $3.6 million this year from $2.4 million last year. The company's assets--mainly bank assets--were $89.4 million at the end of March, a 23% increase from $72.9 million a year earlier. The bank's total deposits grew 20% to $81.4 million at the end of the period from $67.9 million a year earlier, while total loans rose 58% to $66.1 million from $41.8 million.
BUSINESS
July 17, 1991 | JAMES S. GRANELLI, TIMES STAFF WRITER
Mission Viejo National Bank, which revived itself after being at death's door six years ago, is again in serious trouble. The bank's parent company, Viejo Bancorp, announced Tuesday that the bank expects to report a "substantial" second-quarter loss that will deplete most of its reserves and equity and leave it with inadequate capital to meet federal requirements.
BUSINESS
January 8, 1987 | JAMES S. GRANELLI
Viejo Bancorp and its only subsidiary, Mission Viejo National Bank, posted consolidated net income of $1.4 million for 1986, a big turnaround from the $1.9-million loss incurred in 1985. The company's unaudited financial statement shows that most of the net income came in the last quarter, when it earned nearly $1.1 million, compared with the previous year's fourth-quarter loss of $583,000.
BUSINESS
June 20, 1990 | James S. Granelli, Times staff writer
Capitalizing on its recent financial success, the parent company of Mission Viejo National Bank moved its stock up a notch in status Tuesday when its shares started trading on the National Assn. of Securities Dealers Automated Quotations system. In its first day of trading on NASDAQ's national market system, Viejo Bancorp stock closed at $5.50 a share. The NASDAQ listing means that shares in Viejo Bancorp will be easier to sell and more readily available to purchasers.
BUSINESS
April 11, 1989
Directors of Viejo Bancorp in Mission Viejo approved a 10% stock dividend--the first such dividend in the company's 9-year history. The dividend will be distributed May 8 to shareholders of record next Monday. The company is the parent of Mission Viejo National Bank, which once was nearly closed by regulators but rebounded to become one of the county's top performing banks.
BUSINESS
April 11, 1989
Viejo Bancorp, the holding company for Mission Viejo National Bank, posted net income of $550,000 for the first quarter, a 75% increase from $315,000 in earnings in the first quarter of 1988. Total quarterly revenue rose 50% to $3.6 million this year from $2.4 million last year. The company's assets--mainly bank assets--were $89.4 million at the end of March, a 23% increase from $72.9 million a year earlier. The bank's total deposits grew 20% to $81.4 million at the end of the period from $67.9 million a year earlier, while total loans rose 58% to $66.1 million from $41.8 million.
BUSINESS
April 16, 1987
Viejo Bancorp, holding company for Mission Viejo National Bank, posted first quarter net income of $1 million, nearly as much as the $1.4 million it earned for all of last year and 13 times more than the $78,000 it earned in last year's first quarter. The small company, whose bank was one of the biggest money losers among Orange County banks in 1985, continued its profit-making ways while more than doubling its size to $65.1 million in assets at the end of March from $26.
BUSINESS
January 8, 1987 | JAMES S. GRANELLI
Viejo Bancorp and its only subsidiary, Mission Viejo National Bank, posted consolidated net income of $1.4 million for 1986, a big turnaround from the $1.9-million loss incurred in 1985. The company's unaudited financial statement shows that most of the net income came in the last quarter, when it earned nearly $1.1 million, compared with the previous year's fourth-quarter loss of $583,000.
BUSINESS
April 16, 1987
Viejo Bancorp, holding company for Mission Viejo National Bank, posted first quarter net income of $1 million, nearly as much as the $1.4 million it earned for all of last year and 13 times more than the $78,000 it earned in last year's first quarter. The small company, whose bank was one of the biggest money losers among Orange County banks in 1985, continued its profit-making ways while more than doubling its size to $65.1 million in assets at the end of March from $26.
BUSINESS
July 23, 1986 | JAMES S. GRANELLI, Times Staff Writer
A former director of Viejo Bancorp, the parent of Mission Viejo National Bank, filed a lawsuit Tuesday against the company, its chairman and seven other stockholders, claiming that they violated a 16-month-old settlement of four prior lawsuits when the company, and not the defendants, paid the legal fees the defendants incurred in those actions. Frank D. Wood, a former Viejo chairman who resigned as a director in March, 1985, as part of the settlement, wants the present chairman, William T.
BUSINESS
July 23, 1986 | JAMES S. GRANELLI, Times Staff Writer
A former director of Viejo Bancorp, the parent of Mission Viejo National Bank, filed a lawsuit Tuesday against the company, its chairman and seven other stockholders, claiming that they violated a 16-month-old settlement of four prior lawsuits when the company, and not the defendants, paid the legal fees the defendants incurred in those actions. Frank D. Wood, a former Viejo chairman who resigned as a director in March, 1985, as part of the settlement, wants the present chairman, William T.
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