Citizens Business Bank finalizes acquisition of County Commerce Bank
Citizens Business Bank finalized its acquisition of County Commerce Bank, the company announced on Feb. 29. In exchange for all of County Commerce’s common stock and options, Citizens paid $41.25 million — half in stock and half in cash. That equates to $16.79 per County Commerce share. County Commerce earned 40 consecutive “Five Star” quarterly Read More →
Central banks losing ability to steer global economies
Upheaval in the global markets in recent months may be signaling that the era of the all-powerful central bank may be coming to an end. Evidence is mounting that central bank moves are having less and less of the desired impact on regional economies. For Exhibit A we turn to the People’s Bank of China, Read More →
OCB Bancorp income up 142 percent in 2015
OCB Bancorp, the parent company of Ojai Community Bank, increased its year-over-year net income by 142 percent in 2015. OCB Bancorp’s net income grew from $380,000 in 2014 to $921,000 in 2015, or 40 cents in earnings per share. Total loans increased $48.2 million or 37.5 percent to $176.5 million in 2015. Total assets rose Read More →
PennyMac beats profit expectations but misses on revenue
Moorpark-based PennyMac Financial Services reported a $68.9 million profit on revenue of $187.2 million for the fourth quarter, beating Wall Street expectations on profit but missing on revenue. PennyMac Financial, which was founded by former Countrywide Financial Services executives after that company was acquired by Bank of America, reported a profit 58 cents per share Read More →
Heritage Oaks Bancorp misses fourth-quarter estimates
Paso Robles-based Heritage Oaks Bancorp earnings missed analyst estimates for the fourth quarter but earnings were significantly up on the year. Heritage Oaks reported net income of $3.5 million, or 10 cents per share, for the fourth quarter. That missed analyst expectations of 11 cents per share and was down from $4.2 million net earnings, Read More →
Community West Bank hires 2 executives
Goleta-based Community West Bank has hired two new executives as the bank expands into San Luis Obispo County and maps out future growth. The bank’s parent company, Community West Bancshares, announced on Feb. 1 that it hired Brian Schwabecher as its senior vice president and regional market manager and Elizabeth Crandall as the vice president Read More →
American Riviera Bank reports income drop due to merger with Bank of Santa Barbara
American Riviera Bank reported a 17 percent decrease in unaudited net income in 2015 as the institution prepared for its merger with The Bank of Santa Barbara. American Riviera acquired The Bank of Santa Barbara in an all-stock deal valued close to $18 million, creating a “force to be reckoned with,” said Joanne Funari, the Read More →
