First California hires KBW to test waters for sale
In a move that could foreshadow the sale of the company, Westlake Village-based First California Financial Group has hired an outside investment bank and a law firm to undertake a “strategic review” of the company’s business plan and options. But it is not clear whether the hiring of advisers signals a deal in the works Read More →
Community West lost $591K in Q2
Shares of Community West Bancshares soared 7.7 percent even as the Goleta-based bank reported a $591,000 second-quarter loss. The parent company of Community West Bank’s latest loss swings away from an $819,000 profit in the first quarter. Including $268,000 in dividends and accretion on preferred stock, Community West’s second-quarter net loss applicable to common stockholders Read More →
Uncle Sam might sell off stake in Heritage Oaks
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First California faces more shareholder dissent
Investors who own 5.4 percent of First California Financial Group’s shares have joined the ranks of disgruntled stockholders after the bank snubbed a buyout offer from Los Angeles-based PacWest Bancorp. A letter dated May 23 from Loeb Offshore Management out of New York came through in the bank’s regulatory filings on May 29. Addressing Westlake Read More →
Minority group opposes PCBC-Union deal
The San Francisco African American Chamber of Commerce has told banking regulators that it opposes Union Bank’s $1.5 billion acquisition of Santa Barbara-based Pacific Capital Bancorp, according to the business newspaper for that region. The San Francisco Business Times reports that the chamber has told regulators it opposed the deal because it feels San Francisco-based Read More →
