U.S. Bank’s $8B deal to buy Union Bank could make it region’s biggest banking company
Editor’s Note: This article was originally posted Sept. 21 and updated Sept. 23 with more reporting about the pending bank merger. Union Bank’s 29-branch network in the Tri-Counties will become part of U.S. Bank in an $8 billion deal that will give Union Bank’s Japanese parent a nearly 3% stake in Minneapolis-based U.S. Bancorp. In Read More →
Glass House Brands reports Q2 loss, growing revenue as it plans expansion into Ventura County
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PennyMac misses earnings targets
Both segments of PennyMac’s business missed estimates when they announced their second quarter financial earning reports on Aug. 5. PennyMac Financial Services reported net income of $204.2 million, or $2.94 per share on a diluted basis, missing the 3.48 per share estimate predicted by Zacks Consensus Estimates. The Westlake Village-based financial services segment had earnings Read More →
Community West Bank reports increase in quarterly earnings
In another sign of strength for the regional banking industry, Goleta-based Community West Bancshares reported a 17.5% increase in net income for the second quarter, to 41 cents per share. The parent of Community West Bank said on Aug. 2 that earnings for the most recent quarter were $3.6 million, versus $3 million for the Read More →
Founders Community Bank changes its name
Founders Community Bank, which has two branches in San Luis Obispo County, has rebranded as Premier Valley Bank. In a July 29 news release, the bank announced the name change but said that ownership and leadership will remain unchanged. The Fresno-based bank attributed its decision to rebrand as a way to unite its banking centers Read More →
Citizens Business Bank to acquire Suncrest Bank
CVB Financial Corp., the parent company of Citizens Business Bank, announced July 27 that it will be merging with and absorbing Suncrest Bank. The deal is worth about $204 million, or $16.18 per Suncrest share. Through the merger, Citizens’ total assets will increase to about $17 billion, based on the most recent publicly available information Read More →
Pacific Premier Bank back in black in Q2
Pacific Premier Bancorp, the holding company of Pacific Premier Bank, recorded almost $100 million in net income in the second quarter, a year after losing a similar amount, according to a quarterly report released July 27. The Irvine-based bank has seven branches in San Luis Obispo County and two in Santa Barbara County. Its net Read More →
