California

Executives at several minority-owned community banks nationwide, including OneUnited Bank in Boston and Carver Federal Savings Bank in New York, say they have received a windfall of deposits in recent weeks, coinciding with the introduction of the Black Money Matters Project.

Profit improved at both BBCN Bancorp and Wilshire Bancorp in the second quarter, about two weeks ahead of the closing date for the Los Angeles companies' merger.

Bank of America, the second-biggest U.S. bank by assets, said second-quarter profit fell 21% as it took an accounting charge and posted a decline in wealth management revenue.

PacWest Bancorp in Los Angeles reported lower quarterly profit as higher expenses offset gains from fees and loan growth.

Profit rose at First Republic Bank in the second quarter, as higher loan originations and fee-based business offset a spike in employee salaries that was partly caused by the bank raising its minimum wage.

That’s the message that two funds have for directors of Commonwealth Business Bank in Los Angeles.

Charles Schwab Bank, BBVA Compass and Mechanics Bank are among the latest investors in a California microfinance firm that specializes in small-business lending.

The $7.9 billion-asset holding company for Citizens Business Bank said David Farnsworth will start as credit chief of both entities on July 18. He will succeed James Dowd, who retired on July 1.

Cathay General Bancorp in Los Angeles has agreed to buy SinoPac Bancorp from Bank SinoPac in Taiwan.

The number of customers who obtained 10 payday loans in 2015 outnumbered those who obtained just one, the California Department of Business Oversight said in a report Wednesday.