California

Regulators have ordered Sunwest Bank in Tustin, Calif., to improve its compliance with the Bank Secrecy Act.

The $172 million-asset Pacific Valley Bank in Salinas said the Federal Deposit Insurance Corp. and the California Department of Financial Institutions ended the order in mid-January.

Wilshire Bancorp Inc. of Los Angeles said late Friday that it had hired Jae Whan Yoo, who resigned abruptly from Center Financial Corp. of Los Angeles in January, as president and chief executive.

Four bank failures book-ended the country on Friday. The four banks had a total of $1.05 billion in assets and are expected to cost the Deposit Insurance Fund $267.6 million collectively. So far, 22 institutions have failed so far this year.

Regulators on Wednesday cleared Motion Picture Federal Credit Union to merge into the $80 million-asset Musicians Interguild Credit Union in Hollywood, Calif.

Broadway Financial Corp. in Los Angeles announced Wednesday that the Treasury Department has agreed to take a 50% haircut on its holdings to help bolster the company's recapitalization efforts.

Four failed-bank deals announced Friday evening marked another successful night for private equity.

Pacific Capital Bancorp in Santa Barbara, Calif., earned $20.8 million in the fourth quarter in its first full quarter after a $500 million capital infusion.

Center Financial Corp. in Los Angeles swung to a $5.7 million fourth-quarter profit from a loss of $25.2 million as credit quality showed signs of stability.

Banking companies were not alone in reporting improved 2010 financial results. A growing number of big, troubled credit unions are also reporting positive income for last year, and others are slashing their losses, more proof of an improving economy.

Hanmi Financial Corp. in Los Angeles on Thursday reported its first profitable quarter in more than two years. The $2.9 billion-asset company earned $5.3 million in the fourth quarter, compared with a loss of $35.9 million a year earlier.

First California Financial Group Inc. in Westlake Village has reported that its regulator lifted an informal agreement, clearing the way for it to pay dividends.

Nara Bancorp Inc. in Los Angeles has reported earning $5 million in the fourth quarter, compared with a loss a year earlier.

Sierra Bancorp in Porterville, Calif., reported a dip in fourth-quarter earnings that it attributed Monday to bigger losses associated with foreclosed properties.

Pacific Commerce Bank in Los Angeles said Monday that it raised $5 million in a private placement this month.

SVB Financial Group in Santa Clara, Calif., said that Ken Wilcox will step down as its chief executive to focus more on the company's global expansion.

California General Bank in Pasadena has completed its purchase of Professional Business Bank, the companies said Tuesday.

Vibra Bank in Chula Vista, Calif., on Tuesday reported a fourth-quarter profit of $51,000 as it reached its second year in business.

In the midst of the largest Korean-American bank merger, Center Financial Corp. has "terminated" its chief executive.

Hanmi Financial Corp.'s recapitalization agreement with Woori Finance Holdings Co. Ltd. remains in place despite passing a Dec. 31 deadline.