Billionaire banker Gerald Ford has agreed to buy a 91 percent interest in Pacific Capital Bancorp, the parent company of First Bank of San Luis Obispo and Santa Barbara Bank and Trust, for $500 million. [Rueters] The company plans to... (Continue reading)
The Federal Reserve Bank on Thursday announced a regulatory action taken against Coast Bancorp, in a move to maintain financial soundness at the bank, according to the federal order issued in San Francisco. Under a written agreement, the parent company of... (Continue reading)
American Principle Bank in San Luis Obispo is planning to change its name to American Perspective Bank in order to avoid litigation by global giant Principal Financial Group. Currently, American Principle Bank officials are waiting for shareholders, expected to meet... (Continue reading)
Federal regulators have banned the parent company of Paso Robles-based Heritage Oaks Bank from paying dividends or incurring debt as part of a written agreement the company and the Federal Reserve Bank of San Francisco signed on Monday. As part of... (Continue reading)
A 40-year-old Heritage Oaks Bank employee admitted to stealing $24,400 from a youth soccer account and transferring the funds to a personal account. [Tribune] The youth soccer group treasurer and bank employee, Douglas Smith, admitted the theft in an e-mail... (Continue reading)
By KAREN VELIE Investors have filed a lawsuit alleging Stewart Title and Heritage Oaks Bank (HOB) aided and abetted and/or conspired with Hurst Financial Inc. (HFI) in defrauding hundreds of seniors through illegal investment schemes. The suit filed by more than 300... (Continue reading)
By KAREN VELIE and DANIEL BLACKBURN Heritage Oaks Bank is battling with Estate Financial Inc. and Hurst Financial investors over first place in the quest for financial compensation. Attorneys for the bank are chasing first position in the pursuit for assets of... (Continue reading)
Federal authorities and investigators from San Luis Obispo and Morro Bay police departments are seeking a man dubbed the “Sleeves Bandit” who is suspected of robbing a long list of at least 15 California banks, including several in this county. He’s... (Continue reading)
By DANIEL BLACKBURN If members of Heritage Oaks Bank’s board of directors and high ranking officials must kill a little time waiting for the U.S. government to deliver their allotment of $21 million in taxpayer bailout money, they might as well... (Continue reading)
By KAREN VELIE and DANIEL BLACKBURN Heritage Oaks Bank has filed foreclosure notices against developer Kelly Gearhart’s Vista Del Hombre project, as well as Karen Guth and Joshua Yaguda’s Pasolivio Olive Ranch. Bank officials did so despite a state move on all... (Continue reading)