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More than a year following its chief executive's departure, Pacific Commerce Bank in Los Angeles has found someone to take the helm.
June 14
Pacific Commerce Bank (PFCI) in Los Angeles has satisfied enforcement orders imposed by state regulators, but it still has more work to do.
The California Department of Business Oversight on July 8 lifted consent orders that had been in place since 2011, the bank announced Monday. Information about the number of orders and their requirements was not immediately available.
The $163 million-asset bank remains under a
Pacific Commerce had a Tier 1 leverage ratio of 13.77% and total risk-based capital of 18.62% as of June 30, it said Monday.
"Release of the consent orders is an indication of the hard work the board and management team have put in over the past year, and we look forward to executing the bank's long?term strategy of expanding our presence throughout Southern California," Chief Executive Scott Andrews said in the news release.
Pacific Commerce also announced Monday a second-quarter profit of $567,000, up from $164,000 in the same period in 2012. Net interest income rose 6%, to $1.6 million, and noninterest income increased by 60%, to $610,000. Noninterest expenses fell by 6%, to $1.6 million.
Pacific Commerce
The bank owes $4.1 million to the Troubled Asset Relief Program; it received the funds in December 2008.