California

Banks have made changes to overdrafts, such as lowering fees offering clearer explanations. They better, as the CFPB will soon offer new rules for overdrafts. Plus, overdraft revenue has declined at many banks. Still unanswered is the question of how to offer short-term credit, if overdrafts disappear.

Sierra Bancorp in Porterville, Calif., has agreed to buy Coast Bancorp in San Luis Obispo, Calif.

East West Bancorp in Pasadena, Calif., paid $118.4 million to terminate single-family and commercial shared-loss agreements with the Federal Deposit Insurance Corp., tied to an acquisition of a failed bank.

CalWest Bancorp in Irvine, Calif., has raised $14 million through a private offering to recapitalize and to retire its Troubled Asset Relief Program funds.

Tri-Valley Bank in San Ramon, Calif., said that its largest individual shareholder is making a bid to double his stake.

California Republic Bancorp in Irvine has securitized $380 million of its prime auto loans.

Wells Fargo's board of directors amended the bank's bylaws to make it easier for shareholders to nominate directors.

Zurich Insurance Group agreed to buy a Wells Fargo crop-insurance business for as much as $1.05 billion as the Swiss company puts to work excess cash left over from a separate takeover bid that it abandoned this year.

The $350 million-asset Pacific Commerce said in a press release Thursday that it will pay $10.50 a share in cash and stock for the $211 million-asset ProAmerica.

Hanmi Financial in Los Angeles has withdrawn its proposal to merge with BBCN Bancorp. Hanmi said in a press release Thursday that its decision follows BBCN's agreement to buy Wilshire Bancorp.

Opus Bank in Irvine, Calif., has created a formal division for lending to municipal governments and has promoted executive Debbie McLeod to lead the venture.

California regulators on Monday identified 14 companies that the state is targeting as part of its recently announced inquiry into the marketplace lending industry.

The first state inquiry into marketplace lending is seeking information from a broad mix of companies, including consumer lenders, small-business lenders, and firms that are not primarily in the lending business.

California officials have opened a broad inquiry into the marketplace lending business, seeking data from industry participants that will be used to assess the effectiveness of the state's current regulatory regime.

The $1.1 billion-asset company said in a press release Thursday that Thomas Vertin will also become its president on Jan. 1.

First Republic Bank in San Francisco has promoted Jason Bender to chief operating officer.

An activist investor has called on the lead director of Banc of California in Irvine to disclose details about Chairman and Chief Executive Steven Sugarman's involvement in an investment fund that violated securities laws.

First Republic Bank in San Francisco has promoted Mike Selfridge to the newly created role of chief banking officer.

BBCN Bancorp in Los Angeles has agreed to buy Wilshire Bancorp in Los Angeles.

California Bank & Trust in San Diego has given its chief financial officer the additional titles of president and chief operating officer.