The fallout from a bankrupt, and apparently crooked, pension advisory firm has ensnared at least two Southern California community banks.

CommerceBancorp, a capitalpoor Newport Beach community bank, was forced to postpone indefinitely a much-needed offering of $15 million in stock this week because of the controversy. The bank will likely be subject to a federal regulatory takeover if the capital is not raised, management said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.