Politics, Government & Business in California's Inland Empire
Associated Press
April 8, 2014, 3:16 p.m.
WASHINGTON — Regulators are acting to require U.S. banks to build a sturdier financial base to lessen the risk that they could collapse and cause a global meltdown.
By Sandra Emerson, Redlands Daily Facts
Posted: 01/25/14, 9:46 PM PST |
REDLANDS >> Five years ago this week, 1st Centennial Bank in Redlands became the third of more than 120 banks to fail in 2009 as part of a nationwide financial meltdown.
Tuesday, December 3, 2013 - 09:45 a.m.
A settlement has been reached between the Federal Deposit Insurance Corporation (FDIC) and the former board and management of the now-defunct Redlands Centennial Bank.
Tuesday, June 11, 2013 - 10:00 a.m.
It’s been a few years since Redlands Centennial Bank was seized by federal regulators.
During that time the Federal Deposit Insurance Corporation (FDIC) filed a lawsuit against the ousted board of directors back on January 14, 2011. At that time, the defendants said the allegations by the FDIC, that then-board members essentially operated the institution like their own piggy bank, were merit-less and would be dismissed.
Thursday, July 12, 2012 - 12:05 p.m.
The latest growing scandal involving major money center banks, and their complete lack of respect for rules, involves allegations that Barclays, Citigroup, UBS, JPMorgan Chase and others, manipulated the London Interbank Offered Rate (LIBOR) from 2005 to 2008.
LIBOR is the rate banks charge each other for short-term loans.
By E. Scott Reckard
April 27, 2012, 9:35 p.m.
Palm Desert National Bank was seized by regulators Friday and sold to Pacific Premier Bank of Costa Mesa, which promised to be open for business as usual Monday.
Published: Tuesday, 17 Jan 2012 | 1:05 PM ET
By: AP
The largest banks must show how they would break up their assets if they were in danger of failing, under a rule approved Tuesday.
The Federal Deposit Insurance Corp voted to require banks with $50 billion or more in assets to submit so-called living wills. Seven banks with more than $250 billion in assets will have to show their plans by July. The other 30 affected by the rule have until 2013.
Marcy Gordon, AP Business Writer
On Tuesday September 13, 2011, 11:31 am
WASHINGTON (AP) — The largest U.S. banks will be required to show regulators how they would break up and sell off their assets if they are in danger of failing.
By JOY JUEDES Staff Writer
Posted: 04/21/2011 06:03:00 PM PDT
A San Diego law firm is suing former officers and directors of 1st Centennial Bank on behalf of stockholders.
Joy Juedes, Staff Writer
Posted: 04/13/2011 08:06:03 PM PDT
LOS ANGELES - Lawyers for former directors and officers of the Redlands-based 1st Centennial Bank on Wednesday filed a motion to dismiss a suit filed against the ex-officials by the Federal Deposit Insurance Corporation.
Bank officials’ attorney disputes account
Joy Juedes, Staff Writer
Posted: 03/08/2011 06:45:32 PM PST
REDLANDS - Regulators began warning 1st Centennial Bank about its loan strategies almost five years before the bank was shut down, according to allegations by the Federal Deposit Insurance Corporation.
Former bank directors and officers “were warned by FDIC examiners as early as March 2004 of the inherent risk in the bank’s high CRE (commercial real estate) concentration strategy,” according to a complaint filed in federal court by the FDIC. The complaint was filed Jan. 14 against 14 former directors and officers and five unidentified defendants.
Money & Company
Tracking the market and economic trends that shape your finances.
February 11, 2011 | 7:15 pm
Canyon National Bank of Palm Springs, weakened by troubled commercial real estate loans, was closed late Friday by federal regulators who said its three branches would reopen Saturday as part of Pacific Premier Bank.
Though few have paid attention, the Financial Crisis Inquiry Commission’s conclusions clearly point out the failures by regulators — and the (un)regulated — to rein in excesses that predictably led to ruin.
By Michael Hiltzik
February 6, 2011
The public reaction to major man-made disasters always follows the same life cycle: First come shock and outrage, then demands for investigation and retribution against the guilty, and finally resignation about God’s mysterious ways, fatigue and ennui.
10:44 PM PST on Wednesday, February 2, 2011
By TIFFANY RAY
The Press-Enterprise
Premier Service Bank is under closer scrutiny by the U.S. Treasury Department after missing six dividend payments through the Troubled Asset Relief Program, and by regulators, who have ordered the bank to raise capital ratios by the end of the month.
By Joy Juedes Staff Writer
Posted: 01/28/2011 11:51:17 AM PST
REDLANDS - Fourteen former directors and officers of 1st Centennial Bank have about two months to respond to a lawsuit filed against them by the Federal Deposit Insurance Corp.
Joy Juedes, Staff Writer
Posted: 01/26/2011 06:29:10 PM PST
REDLANDS - Fourteen former directors and officers of 1st Centennial Bank have been sued for negligence by the Federal Deposit Insurance Corporation.
The complaint, filed Jan. 14 in the U.S. District Court’s Central District of California, stated the former directors and officers “utterly failed to manage the Bank and its commercial real estate lending division in a prudent, safe and reasonable manner.”
Dozens of former officers and directors are advised to work out settlements or face legal action for their alleged misdeeds during the financial crisis.
By E. Scott Reckard, Los Angeles Times
November 10, 2010|9:38 p.m.
For former insiders at some of the several hundred banks that collapsed during the financial crisis and in its aftermath, a day of reckoning has arrived.
Press Release Source: CVB Financial Corp. On Thursday September 9, 2010, 10:00 pm EDT
ONTARIO, Calif.-(BUSINESS WIRE)-CVB Financial Corp. (NASDAQ:CVBF - News) - The purpose of this press release is to update our shareholders on recent third quarter developments with the company that are significant.
By Mark Wilson, Getty Images
WASHINGTON (AP) — Regulators on Friday shut down a Nevada bank, raising to 83 the number of U.S. bank failures this year.
The 83 closures so far this year is more than double the pace set in all of 2009, which was itself a brisk year for shutdowns. By this time last year, regulators had closed 40 banks. The pace has accelerated as banks’ losses mount on loans made for commercial property and development.
