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BUSINESS
August 7, 2008 | E. Scott Reckard, Times Staff Writer
Seeking to shore up its finances, federal regulators have ordered Vineyard National Bank of Corona to stop accepting so-called hot-money deposits that are considered too risky for the money-losing bank. Vineyard is among the growing group of Southland lenders battered by a wave of housing defaults, including mortgage giants Countrywide Financial Corp., which was acquired by Bank of America in January, and IndyMac Bancorp, which failed last month and was taken over by regulators.
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BUSINESS
August 7, 2008 | E. Scott Reckard, Times Staff Writer
Seeking to shore up its finances, federal regulators have ordered Vineyard National Bank of Corona to stop accepting so-called hot-money deposits that are considered too risky for the money-losing bank. Vineyard is among the growing group of Southland lenders battered by a wave of housing defaults, including mortgage giants Countrywide Financial Corp., which was acquired by Bank of America in January, and IndyMac Bancorp, which failed last month and was taken over by regulators.
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BUSINESS
August 13, 2008 | From Bloomberg News
Shares of UnionBanCal Corp., California's second-largest bank, rose 13% after controlling shareholder Mitsubishi UFJ Financial Group Inc. threatened a $3-billion hostile bid to buy out minority stakes. Mitsubishi UFJ said it would make a direct offer to investors to purchase the 35% of the company it doesn't already own for $63 a share, saying UnionBanCal's independent directors refused to negotiate after rejecting an earlier $58 bid. UnionBanCal said it had been negotiating and would review the new offer.
BUSINESS
August 12, 2008 | E. Scott Reckard, Times Staff Writer
Vineyard National Bancorp said Monday that housing-related losses and depositors' withdrawals have cast doubt on its future and it must raise substantial amounts of new capital to continue operations through this year. A major community bank with $1.8 billion in loans and $1.9 billion in deposits, the Corona company had specialized in financing home builders and issuing high-yielding certificates of deposit.
BUSINESS
November 18, 2008 | E. Scott Reckard, Reckard is a Times staff writer.
The federal government said Monday that it had invested $33.5 billion in 21 more banks as part of its $700-billion rescue plan for financial firms. Beneficiaries of the capital infusions ranged from U.S. Bancorp, a 2,556-branch Minneapolis-based giant that received $6.6 billion, to Broadway Financial Corp., a five-branch Los Angeles bank focusing on African American and Latino customers, which got $9 million.
BUSINESS
October 28, 2008 | E. Scott Reckard, Reckard is a Times staff writer.
With the U.S. Treasury injecting $35 billion into about 20 regional banks, attention is likely to shift to rivals that may not be strong enough to qualify for such assistance. Banks that fail to get federal money by Nov. 14, when officials plan to finish investing $250 billion in financial institutions, may find that their best option is to be taken over by a bank that receives Treasury funding. "Come Nov. 14, the big question will be, 'What about the banks that didn't get any capital?'
BUSINESS
November 21, 2008 | E. Scott Reckard, Reckard is a Times staff writer.
Reeling from mortgage loan losses, Downey Financial Corp. warned last week that its choices were stark: Raise capital or risk a government takeover. It's still waiting for that capital. And since today is Friday, the day when bank takeovers generally occur, industry observers will be watching again to see whether Downey turns the keys to its executive suite over to the Federal Deposit Insurance Corp.
BUSINESS
September 20, 2008 | E. Scott Reckard, Times Staff Writer
East West Bancorp Chief Executive Dominic Ng will tell you that his Pasadena bank is in about the same financial condition as two months ago: some loan problems, but a high net worth and a solid base of deposits. East West's stock price is another matter, though -- trading at less than $8 a share in mid-July, it closed at $17.65 on Friday. Ng believes the recovery is due almost entirely to the Securities and Exchange Commission's moves against short sellers.
BUSINESS
June 17, 2008 | E. Scott Reckard, Times Staff Writer
When developer Empire Land sought protection in U.S. Bankruptcy Court in Riverside in April, its biggest debt by far -- $5.1 million -- was to PFF Bank & Trust. Southern California's oldest bank, PFF -- formerly Pomona First Federal -- had doubled its loan portfolio to $4 billion over the last decade, in large part by financing residential developers and builders of affordable housing in the Inland Empire.
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