Business Insider Magazine - Los Angeles South Bay » torrance

East West Bank Acquires Failed Bank’s Assets

Editor and Publisher — Fri, 13 Nov 2009 21:38:22 +0000

Editor’s Note: East West Bank has several South Bay branches and United Commercial Bank has a Torrance branch serving the South Bay south communities. This acquisition will significantely enhance East West’s position in the local market.

By RICHARD CLOUGH

(Los Angeles Business Journal) East West Bank nearly doubled in size late Friday after acquiring San Francisco’s United Commercial Bank, which was closed by regulators earlier in the evening.

East West Bancorp Inc., a Pasadena holding company for a bank catering to the Chinese-American community, purchased $10.2 billion in United Commercial’s assets, including 63 ... Continue Reading

Hanmi Financial posts hefty loss

Editor and Publisher — Fri, 06 Nov 2009 22:40:11 +0000

Parent of bank serving Korean community, with branch in Torrance, ordered to raise $100 million.

Hanmi Financial Corp., which owns the largest bank focused on the Korean American market, reported another large quarterly loss Thursday and said regulators had ordered it to raise $100 million in capital by July or face seizure.

The parent of Hanmi Bank wants to raise the new capital from private investors in South Korea, giving them a controlling stake, said Jay S. Yoo, the company’s chief executive.

But some analysts said the Los Angeles company would struggle to raise the needed money, mainly because regulators have permitted few ... Continue Reading

California National Bank Seized by Regulators

Editor and Publisher — Mon, 02 Nov 2009 18:55:06 +0000

Editor’s Note: This Los Angeles-based bank has well-established branches in the South Bay region. Be aware the FDIC will do everything in it’s power to transition struggling financial institutions before taking the radical step of seizing its assets forcing a bailout. This is a grave situation indeed.

By Richard Clough

(The Los Angeles Business Journal) California National Bank, which had struggled with insufficient capital levels for more than a year, was closed late Friday by regulators, marking the fourth bank failure in Los Angeles County this year.

With assets of $7.8 billion, Cal ... Continue Reading

5 South Bay Organizations Upping the Eco Ante

Editor and Publisher — Tue, 06 Oct 2009 23:07:45 +0000

By Brian Simon

This article appeared in Business Insider Magazine’s second issue of 2009

While entire nations must grapple with the harsh implications of “global warming” and how to address it, it will ultimately take cooperation on an individual grass roots community level to spread the message espoused by leading scientists to make a meaningful impact across the country. With that in mind, a number of South Bay-based businesses, agencies and cities have already made their mark on the green front. Here is an overview of a few notable contributors to the ... Continue Reading