California

Altura Credit Union in Riverside, Calif., which reported a 2010 loss of $5.8 million, said Friday that it is closing four branches and laying off 26 employees, or 11% of its work force.

The Federal Reserve on Friday approved an application by China's Bank of Communications Co. to open a branch in San Francisco.

Professional Business Bank in Pasadena, Calif., has hired a former Citigroup Inc. executive as its chief credit officer.

Pacific Marine Credit Union in Camp Pendleton, Calif., on Friday said it acquired a branch from Provident Financial Holdings Inc. of Riverside, Calif.

California United Bank in Encino said Thursday that it raised about $10.3 million in a private placement mostly through 16 institutional investors.

Colony Financial in Los Angeles plans to sell common stock in a public offering that could raise up to $284 million.

The board of Commonwealth Business Bank in Los Angeles said Friday it did not renew the employment contract of the bank's chief executive.

First Financial Holding has 90 days to provide the Fed with a written plan to improve oversight of risk management and anti-money-laundering compliance.

A seemingly solid lending relationship can get dangerously big. Chris Myers, president and chief executive of CVB Financial Corp., learned this lesson the hard way.

CVB Financial Corp. in Ontario, Calif., said late Monday that it had sold the vast majority of the problem loans related to what had been its largest borrower.

When two tiny banks merge to form a slightly less tiny bank, which institution really reaps the efficiencies: the merged entity — or a larger acquirer down the road?

Private Bank of the Peninsula in Palo Alto, Calif., said Friday it has changed its name to Avidbank.

Embarcadero Bank said late Tuesday that it has agreed to buy Coronado First Bank. The Coronado, Calif., banks will merge in a deal valued at $9.3 million, or $6.30 a share, according to a press release.

Reissued consent orders are longer and far more detailed, with higher capital ratio standards, despite improvements banks have already made.

Data on failed banks sold in the first 10 weeks of the year hints at a broader shift toward buyers going it alone.

Tri-Valley Bank in San Ramon, Calif., said late Monday that it had terminated a planned $10 million private placement and had named a new chairman.

Grandpoint Capital Inc. in Los Angeles has agreed to buy Orange Community Bancorp. Under the agreement, shareholders of the $223.6 million-asset Orange Community would receive $30 million in cash, or $11.70 a share.

The head of California United Bank in Encino, David Rainer, was appointed to the board of the Federal Reserve Bank of San Francisco, California United announced Thursday.

California United Bank in Encino reported a net loss of $2.3 million for 2010, compared with net income of $745,000 in 2009.

A spike in credit costs in the fourth quarter led United Security Bancshares in Fresno, Calif., to post a $2.9 million loss for 2010.