California

CVB Financial Corp. of Ontario, Calif., has updated shareholders on changes to its loan portfolio and debt obligations in the third quarter amid an investigation by the Securities and Exchange Commission.

City National Corp. in Los Angeles said it will raise as much as $300 million in senior notes so that it can extinguish more expensive debt issued late last year.

Bay Cities National Bank in Redondo Beach, Calif., said it has investment agreements for $460 million, enough to turn the struggling $273 million-asset bank into a regional institution.

Pacific Mercantile Bancorp said Tuesday that it has entered into agreements with its regulators to improve credit quality and boost capital.

NorCal Community Bancorp in Alameda, Calif., reported a steeper net second-quarter loss as credit deterioration continued to affect the institution.

Commonwealth Business Bank in Los Angeles said its second-quarter loss improved slightly from a year earlier. The $367.3 million-asset company posted a loss of $538,000, compared with a loss of $562,000 in the second quarter of 2009.

Westamerica Bancorp of San Rafael, Calif., said its board approved the repurchase of nearly 7% of the company's outstanding common stock.

Bank of Southern California in San Diego has agreed to buy two branches from the struggling Palm Desert National Bank.

About 32%, or 47, of the 146 banks that acquired a failed bank from Jan. 1, 2009, through Aug. 19 of this year have recorded a net bargain-purchase gain from the failed bank's assets.

California got a small taste of bank dealmaking Wednesday that didn't involve a failed or ailing institution.

The law firm of former Louisiana Attorney General Charles C. Foti Jr. said Tuesday that it filed a securities-fraud class action against CVB Financial Corp.

Broadway Federal Bank in Los Angeles is set to receive a $750,000 award from the Treasury Department for its work in low- to moderate-income communities.

ShoreBank, the country's first community development bank, failed Friday night after months of struggling to find a way to stay afloat. However, it will continue in a different form.

Grandpoint Capital Inc. struck again this week, announcing two bank deals with Capitol Bancorp Ltd., which brings to four the number of acquisitions Grandpoint has announced in the past two months.

Saehan Bancorp's net loss narrowed sharply in the second quarter while asset quality and net interest margins improved.

Center Financial Corp. said Friday that it revised its first-quarter results, posting a net loss rather than a profit, because of a stock conversion completed in March.

The Securities and Exchange Commission wants information about the credit standards at CVB Financial Corp. in Ontario, Calif. The $6.8 billion-asset company disclosed in its quarterly filing on Monday that it received a subpoena from the SEC on July 26.

Heritage Oaks Bancorp in Paso Robles, Calif., reported a net second-quarter loss of $5.8 million, compared with net income of $507,000 a year earlier.

Before the recession, Pacific Trust Bank was content to sit on the sidelines as other Southern California community banks vied with national lenders for commercial real estate borrowers.

TriCo Bancshares of Chico, Calif., reported a 48% decline in second-quarter net income from a year earlier. TriCo said Thursday it had net income of $1.2 million, or 8 cents a share, compared with $2.5 million, or 16 cents a share.