California

The $23.3 billion-asset company reported Wednesday a second-quarter profit of $74 million, 5% higher than the second quarter of 2012.

Cathay General Bancorp (CATY) in Los Angeles reported flat quarterly earnings as higher expenses offset gains from securities sales.

The $2.8 billion-asset Wilshire would pay about $105 million in cash and stock for the $542 million-asset Saehan, the companies announced Monday.

First PacTrust in Los Angeles plans to become to Banc of California, effective July 16.

Opus Bank in Irvine, Calif., is establishing a merchant-banking division led by two banking veterans.

Citigroup is putting 90 branch buildings in California up for sale, with plans to lease them back.

Nasdaq has granted Broadway Financial (BYFC) in Los Angeles a six-month reprieve to raise its share price.

The Treasury Department plans to sell its stake in eight more institutions as it seeks to continuing winding down the 5-year-old Troubled Asset Relief Program.

Serial acquirer Grandpoint Capital has agreed to buy Gilmore Bank. Both are in Los Angeles.

First ULB (FUBP) in Oakland, Calif., has agreed to buy Union Financial in Albuquerque, N.M.

Bank of Marin Bancorp (BMRC) in Novato, Calif., has agreed to acquire NorCal Community Bancorp (NCLC) in Alameda, Calif.

Jack Choi, the chief credit officer at Wilshire Bancorp (WIBC) in Los Angeles, will step down on July 1 to become president and chief executive of an unnamed bank.

Avidbank Holdings (AVBH) in Palo Alto, Calif., has raised $16 million selling roughly 1.6 million shares of common stock in a private offering.

The NCUA has approved the mergers of several struggling credit unions, including four more in California.

First PacTrust Bancorp (BANC) in Irvine, Calif., is planning to raise about $46 million through a sale of common stock.

Heritage Commerce (HTBK) in San Jose, Calif., has teamed with a Bay Area nonprofit group to help low-income entrepreneurs secure startup capital.

Heritage Commerce (HTBK) in San Jose, Calif., plans to redeem $9 million of debt and exit the Troubled Asset Relief Program.

The Federal Reserve has taken action against one bank (Northwestern Bancorp in Traverse City, Mich.) and lifted an order on another (Saehan Bancorp in Los Angeles).

Union Bank in San Francisco has created a new bank account designed for the underbanked.

AmericanWest Bank in Spokane, Wash., has agreed to buy eight southern California branches from First PacTrust Bancorp in Irvine, Calif.