California

The longtime chairman and chief executive of Cathay General Bancorp will relinquish his CEO title this fall and the company's bank president is set to succeed him.

The $58 million-asset company said in a press release Monday that Stephen Taylor, chairman and chief executive of Taylor Asset Management in Chicago, is leading a $6 million investment in its Neighborhood National Bank, effectively doubling its capital.

A federal judge in California approved a $2.4 million settlement in a class- action lawsuit against Social Finance, a San Francisco-based online lender.

Pacific City Financial in Los Angeles has raised $15.3 million in a secondary stock offering.

The $7.5 billion-asset company said in a press release Thursday that Curtis Glovier had become chairman and chief executive of Pensco Trust Co.

Four years after the first states legalized marijuana, most bankers still want nothing to do with it.

Problem technology credits drove down quarterly profits at Opus Bank in Irvine, Calif., which said it will pull back on tech lending even though that had become one of its most important niches.

Second-quarter earnings at Cathay General Bancorp in Los Angeles fell 22.9% to $34.8 million from a year earlier on a triple-digit spike in chargeoffs.

Banc of California's second-quarter profits soared on stronger lending and credit quality. The $10.2 billion-asset company increased net income 66% from a year earlier to $26.5 million, it said in a news release Thursday.

One of the nation’s biggest banks and the so-called “everything store” have joined forces to extend loan discounts to students.