California

The Federal Deposit Insurance Corp. has filed more lawsuits against the directors and officers of failed financial institutions in 2013 than in any year since the recession, according to a Cornerstone Research report released Monday.

Banc of California (BANC) in Irvine has acquired the investment advisory firm Palisades.

The U.S. unit of Chinatrust Commercial Bank is changing its name to CTBC and offering more services to attract a broader range of customers. But it faces the same challenges other community banks are encountering as they try to expand beyond their traditional boundaries.

HomeStreet (HMST) in Seattle has expanded its mortgage business in the Golden State, opening six offices in Northern and Central California.

Avidbank in Palo Alto, Calif., said that Kenneth Brenner will step down as president to become head of strategic relationships. Ronald Oliveria, Abidbank's chief credit officer, will succeed Brenner. The bank also made Dori Hamilton its chief banking officer.

The $1.1 billion-asset company said in a press release Wednesday that its bank had been released from a memorandum of understanding with the Federal Reserve Board.

Pacific Commerce Bank (PFCI) has completed corrective steps mandated by the Federal Reserve Bank of San Francisco.

Commonwealth Business Bank (CWBB) in Los Angeles has added veteran banker Alvin Kang to its board.

Sierra Vista Bank (SVBA) in Folsom, Calif., has hired a new president and chief executive.

The Securities and Exchange Commission has settled charges against a former executive of UCBH Holdings, the parent of the failed United Commercial Bank in San Francisco.

The $345 million-asset Broadway lost $228,000 in the second quarter, it announced Monday. It earned $1.7 million in the second quarter of 2012, when it recorded a $2.5 million profit from the sale of its former headquarters.

Orient Bancorp in San Francisco named Richard Cupp, a well-known California banker and turnaround specialist, its permanent chief executive five weeks after he joined as interim CEO.

BlackRock, DoubleLine and Pimco filed a lawsuit Wednesday to try to stop the city of Richmond from buying and restructuring underwater mortgages through the use of eminent domain.

Banc of California (BANC) in Irvine has hired a group of bankers to lead its new correspondent lending group.

BofI Holding (BOFI) in San Diego reported its sixth consecutive quarter of record profits as an expansion of its balance sheet led to higher lending income.

Hanmi Financial (HAFC) in Los Angeles has hired Bonita Lee, a recently departed executive from BBCN Bancorp (BBCN), as its chief operating officer.

Heritage Oaks Bancorp (HEOP) in Paso Robles, Calif., has agreed to repurchase the stock warrants it issued through the Troubled Asset Relief Program.

Pacific Trust Bank in Los Angeles has exercised its option to buy CS Financial in Beverly Hills, the bank said in a regulatory filing. Jeffrey Seabold, the managing director of Pacific Trust's residential lending division, is a majority owner of CS.

The rapidly growing Opus Bank in Irvine, Calif., has split its commercial and retail banking operations.

Chinatrust Bank in Los Angeles has hired heads of risk management and retail banking.