California

Banc of California in Irvine is working to address material weaknesses in its internal controls.

Preferred Bank in Los Angeles has recovered a large chunk of a loan it had given up on. The $1.9 billion-asset company said a $5.6 million loan that had been put in nonaccrual status was paid off Friday.

LOMPOC, Calif. — Following a conversion from federal to state charter last month, the $750 million CoastHills Credit Union is expanding its services and field of membership to five contiguous Central Coast California counties to include Monterey, San Luis Obispo, Santa Barbara, Santa Cruz and Ventura.

BREA, Calif. — Members of the $130 million South Western Federal Credit Union voted "overwhelmingly" in favor of merging into the $781 million Credit Union of Southern California, all but finalizing the union of the two CUs.

SAN RAFAEL, Calif. — American consumers are getting anxious again as news of a possible trade war between Russia and the United States is making headlines, according to new research.

MONTEREY, Calif. — The members of Monterey Credit Union have voted to convert from a CU charter to a mutual savings bank, the first step on the way to becoming a commercial savings bank.

RIVERSIDE, Calif. — Altura Credit Union reported $3.82 million in net income during the second quarter of 2014, marking 13 consecutive quarters of positive earnings.

Banc of California in Irvine reported a jump in second-quarter profits, fueled by strong growth in its loan portfolio.

Opus Bank's expansion into new areas of lending helped pushed its loans up 44% in the second quarter from a year earlier.

RANCHO CUCAMONGA, Calif. — CO-OP Financial Services is expanding its popular THINK initiative, adding a series of four free regional one-day events to go along with its annual conference.

SAN DIEGO — Financial institutions this year have shown greater interest in marketing to "mobile-only" consumers, and mobile deposit is becoming the preferred way to load prepaid cards and deposit checks.

City National in Los Angeles reported a sharp rise in profits in the second quarter, fueled by loan growth and an increase in fee revenue.

Colony Financial in Santa Monica, Calif., plans to raise up to $382 million by selling common stock.

Hanmi Financial in Los Angeles reported higher quarterly earnings as returns from mortgages offset a drop in the sale of Small Business Administration loans.

PacWest Bancorp in Los Angeles reported higher quarterly earnings aided by its acquisition of CapitalSource.

Wilshire Bancorp (WIBC) in Los Angeles reported an increase in quarterly profit tied largely to recent acquisitions.

A community group has succeeded in forcing additional scrutiny of Banc of California's (BANC) expansion plans.

SAN FRANCISCO — It's time for credit unions to start talking a little SMAC.

SAN FRANCISCO — The flurry of regulations coming out of CFPB were expected to drive some credit unions right out of the mortgage business, but the "big dog" of mortgage regulation is yet to come, and that one might finally do the trick, according to one compliance expert.

SAN FRANCISCO — Credit unions need to continue to invest in technology — and use it well — if they expect to attract the elusive Millennial demographic.