Latest
By Marlize van Romburgh / Friday, June 21st, 2013 / Banking & Finance, Banking Industry, Top Stories / Comments Off on Credit unions ride membership surge to higher profits, assets
The region’s credit unions, increasingly the go-to financial institutions for consumers, are seeing a broad-based surge in earnings and assets. Out of the the five consumer credit unions based in the Tri-Counties, the largest three saw their earnings jump last year compared to 2011, while all five also saw their assets increase. At Ventura County Read More →
Latest
By Marlize van Romburgh / Friday, June 7th, 2013 / Banking & Finance, Banking Industry, Top Stories, Tri-County Economy, Tri-County Public Companies / Comments Off on $243M merger comes with fine, branch closures
PacWest Bancorp’s contentious acquisition of First California Bank has closed but the dust hasn’t settled yet on the $243 million merger. As the deal was sealed, the banks announced that federal regulators had ordered First California to pay a $600,000 fine and set up $1.1 million in restitution to more than 64,000 consumers who had Read More →
Latest
By Marlize van Romburgh / Friday, May 31st, 2013 / Banking & Finance, Banking Industry / Comments Off on FCAL ordered to pay fine, set up $1.1M restitution fund for prepaid card users
Westlake Village-based First California Financial Group has agreed to pay a $600,000 fine and set up $1.1 million in restitution to more than 64,000 consumers who used its prepaid debit card products. The announcement from the Federal Deposit Insurance Corp. comes on the day that Los Angeles-based PacWest Bancorp’s $237 million acquisition of First California Read More →
Latest
By Staff Report / Tuesday, May 14th, 2013 / Banking & Finance, Banking Industry, Latest news, Tri-County Public Companies / Comments Off on FCAL merger with PacWest set to close May 31
Los Angeles-based PacWest Bancorp and Westlake Village-based First California Financial Group have received the go-ahead from federal banking regulators to finalize a $237 million merger. The deal, which will merge First California into PacWest and likely result in about a dozen overlapping branches being shuttered, is expected to close on May 31. The banks said Read More →
Latest
By Staff Report / Friday, May 10th, 2013 / Banking & Finance, Banking Industry, Latest news, Tri-County Public Companies / Comments Off on PennyMac shares jump 2.6% on second day of trading
Shares of PennyMac Financial Services climbed another 2.6 percent the day after they started trading publicly for the first time. The Moorpark-based company, founded in 2008 by former top executives at Countrywide Financial Corp., raised just over $200 million in its initial public offering of stock after opening with a share price of $18.25 on Read More →
Latest
By Marlize van Romburgh / Friday, May 3rd, 2013 / Banking & Finance, Banking Industry, Top Stories / Comments Off on Branch bidding war looms for Ventura County
PacWest Bancorp’s $231 million acquisition of Westlake Village-based First California Bank will push numerous Ventura County branches onto the market, and the CEO of the next largest independent bank in the region says she’s taking a hard look. “It’s a market we’re very interested in expanding into,” Simone Lagomarsino, CEO of Paso Robles-based Heritage Oaks Read More →
