Spreadsheet
TARP funds: Southern California banks that still owe
A list of Southern California banks that as of June 6 had not repaid all funds from the U.S. Treasury’s Troubled Asset Relief Program, with missed quarterly dividend payments. Read more: Many small banks still struggle to repay TARP.
| Name | Headquarters | Assets | Received | Missed payments | Status | Comment |
|---|---|---|---|---|---|---|
| Cathay General Bancorp (Cathay Bank) | Los Angeles | $10.6 billion | $258 million Dec. 5, 2008 | None | Expects bank regulators to approve full repayment this year | Chief Financial Officer Heng Chen: "We think our capital ratios are strong enough to repay." |
| Pacific Capital Bancorp (Santa Barbara Bank & Trust) | Santa Barbara | $5.8 billion | $180.6 million Nov. 21, 2008 | None | Gerald R. Ford investor group took over troubled institution in April 2010, providing $500 million in new capital. Deal gave Treasury Department 11% stake in bank. Pending sale to UnionBanCal Corp. would more than double Ford's money and yield Treasury Department $166.7 million, 92.3% of initial investment. | Chief Executive Carl Webb: "Had the bank gone to the FDIC through receivership, the U.S. Treasury and taxpayers would have gotten zero." |
| BBCN Bancorp (BBCN Bank) | Los Angeles | $5.2 billion | $122 million: $67 million Nov. 20, 2008, and $55 million Dec. 12, 2008 | None | Koreatown giant, created by merger of Nara and Center banks last year, repaid in full last week | |
| Pacific City Financial Corp. (Pacific City Bank) | Los Angeles | $586 million | $16.2 million Dec. 19, 2008 | 12 | Reported $1.1-million profit last year after nearly $33 million in losses during 2009 and 2010 | Didn't return calls |
| Community West Bancshares (Community West Bank) | Goleta | $623 million | $15.6 million Dec. 19, 2008 | One | Bank regulators vetoed May dividend payment because of capital reserve requirements. | Hopes its return to profitability this year will improve stock price, enabling bank to raise capital from new investors and repay |
| Broadway Financial Corp. (Broadway Federal Bank) | Los Angeles | $414 million | $15 million: $9 million Nov. 14, 2008, and $6 million Dec. 4, 2009 | Eight | Treasury Department has agreed to trade its dividend-paying shares for non-dividend stock at a 50% discount if Broadway raises $5 million in new capital. | CEO Wayne Kent-Bradshaw said he hopes to get the deal done this summer. "It's like herding cats, but we're working through the situation with a smile." |
| NCAL Bancorp (National Bank of California) | Los Angeles | $341 million | Received $10.5 million Dec, 19, 2008 | Four | Agreed June 11 to be acquired by Grandpoint Capital of Los Angeles. Deal will repay Treasury Department in full. | |
| Commonwealth Business Bank | Los Angeles | $413 million | $7.7 million Jan. 23, 2009 | Nine | Restricted by Federal Reserve from paying dividends | Considering options, including buying back own shares if regulators permit |
| Western Community Bancshares (Frontier Bank, El Paseo Bank) | Palm Desert and Park City, Utah | $259 million | $7.3 million Dec. 23, 2008 | Eight | Ordered by regulators to raise capital, clean up soured loans and lending procedures, and improve money-laundering defenses | Chairman Clifford A. Miller and CEO Joseph W. Kiley III didn't return phone calls |
| ICB Financial (Inland Community Bank) | Ontario | $221 million | $6 million March 6, 2009 | None | Waiting to repay in full until March 2014, when annual dividend rises to 9% from 5% | Chief Executive James S. Cooper: "TARP was a big help for us, and our strategic plan includes repayment in full ďż˝ but not today. A 5% dividend is a very inexpensive rate for the capital." |
| Beach Business Bank | Manhattan Beach | $298 million | $6 million Jan. 30, 2009 | None | Repaid final $300,000 last week. Taken over this week by First PacTrust Bancorp, parent of Pacific Trust Bank of Irvine | First PacTrust CEO Greg Mitchell: "It's great to be a TARP-free bank." |
| CalWest Bancorp (South County Bank, Inland Valley Bank, Surf City Bank) | Rancho Santa Margarita | $159 million | $4.7 million Jan. 23, 2009 | Seven | Under regulatory orders to overhaul strategy and management, raise capital, and clean up loans and lending procedures. | Did not return phone calls |
| Bank of Southern California | San Diego | $196 million | Received $4.2 million: $2.2 million April 10, 2009, and 2.0 million Dec. 11, 2009 | None | Former First Business Bank is working off backlog of past-due loans, de-emphasizing commercial mortgages at request of regulators. Raised $3 million in new capital last year, mainly from existing shareholders. | CFO James Burgess: "We'd like to pay it back as soon as the regulators allow it. We have another two years before the dividend goes to 9%." |
| Pacific Commerce Bank | Los Angeles | $162 million | $4.1 million Dec. 23, 2008 | Seven | Barred by regulators from paying dividends while working through troubled loans | CFO Richard Koh: "Everything is on the table. If Treasury offers us an incentive to pay it off, we'd certainly look at it." |
| Premier Service Bank | Riverside | $139 million | $4 million Feb. 20, 2009. | 12 | Being acquired by First California Financial Group, parent of First California Bank of Westlake Village, for $2 million in stock | First California CEO C.G. Kum says Premier Service will repay the government before acquisition closes in third quarter. |
| Santa Clara Valley Bank | Santa Paula | $132 | $2.9 million Feb. 13, 2009 | Nine | Still under regulatory restrictions after installing new executives and raising capital twice from existing shareholders | CEO Cheryl L. Knight: "We want to pay it off as soon as they will let us. Our goal is early next year, but we need permission to repay and they haven't given it yet." |
| US Metro Bank | Garden Grove | $92 million | $2.9 million Feb. 6, 2009. | Two | One-branch bank has not reported a profitable year since opening in 2006. | Did not return phone calls |
| Ojai Community Bank | Ojai | $131 million | $2.1 million Feb. 6, 2009 | Two | FDIC cease-and-desist order was lifted last year when bank cleaned up its troubled loans and raised $1.5 million in new capital from local investors. | CEO David Brubaker: "TARP was beneficial for us, and like good citizens we anticipate paying it back. We're exploring ways to do something, but it may not happen this year." |
| Saigon National Bank | Westminster | $56 million | $1.5 million Dec. 23, 2009 | 14 | One-branch bank focused on Vietnamese immigrants has lost more than $16 million since opening in 2005. Under regulatory orders for a sweeping overhaul of operations and management. | Did not return phone calls |
Sources: Regulatory sites; U.S. Treasury; Keefe, Bruyette & Woods; SNL Financial; Times research