California

A new round of watchdog reports says the Federal Deposit Insurance Corp. could have been tougher in regulating three community banks that later closed.

The Federal Reserve announced enforcement actions Friday against North Valley Bancorp in Redding, Calif. Under a written agreement, North Valley cannot, without prior Fed approval, directly or indirectly extend or renew credit to borrowers whose credit is deemed "doubtful" or "substandard," among other credit-related restrictions.

Regulators, with their reputations on the line and anxiety about the future, are forcing some banks to hold on to much of the capital. In recent months, some banks that wanted to fully repay the Troubled Asset Relief Program were allowed to return a fraction.

Following a regulatory exam, Preferred Bank in Los Angeles announced Wednesday that it will restate its third-quarter earnings, bringing its loss for the quarter to as much as $5 a share, according to one analyst's estimate.

Pacific Capital Bancorp Inc. plans to sell its tax division — its most profitable line — after regulators blocked the company from making new tax loans in the coming year.

City National Corp. in Los Angeles expanded its asset size by roughly 5% last weekend in its largest deal to date by acquiring the failed Imperial Capital Bank in La Jolla, Calif.

Seven failed banks holding a combined $14 billion in assets failed Friday in what was yet another busy night for the Federal Deposit Insurance Corp.

The Fed on Tuesday released an agreement with 1st Pacific Bancorp of San Diego, and the company's subsidiary, 1st Pacific Bank of California.

Self-Help Federal Credit Union in Oakland has asked California regulators for permission to acquire the struggling El Futuro Credit Union in Porterville.

Wescom Central Credit Union in Pasadena, still struggling with the Southern California recession, said last week that it plans to shutter another eight branches.

Central Pacific Bank is quitting California. The Honolulu unit of Central Pacific Financial Corp., which has suffered heavy losses on West Coast construction loans, said Thursday that it would wind down operations there by 2012.

Though the market for trust-preferred securities remains strained, the warm reception for an offering from City National Corp. is expected to persuade others to consider this option for a capital boost.

Though the market for trust-preferred securities remains strained, the warm reception for an offering from City National Corp. is expected to persuade others to consider this option for a capital boost.

Shares of Center Financial Corp. rose Wednesday after the Los Angeles company said that it raised $12.8 million of capital.

Sunwest Bank had some explaining to do after it pulled away from construction lending about five years ago. Now the Tustin, Calif., company's patience is paying off.

American River Bankshares in Sacramento announced Monday that it has begun a stock offering to raise up to $25.3 million.

B of I Holding Inc. in San Diego has filed a shelf registration to raise up to $125 million of capital.

When it comes to pristine loan portfolios, Malaga Financial is among the truly elite. It had zero nonperforming loans at the end of the third quarter, a distinction shared by only 6.5% of banks and thrifts nationwide.

Westamerica Bancorp. bought back the remaining preferred shares sold to the Treasury Department in February, becoming the latest banking company to redeem its funding under the Troubled Asset Relief Program.

SVB Financial Group in Santa Clara, Calif., says it plans to raise $300 million in a sale of common stock and use most of the proceeds to repay all of its government-issued capital.