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Community Bank in Pasadena, Calif., has hired a chief executive.
January 7 -
David Malone, former CEO of Community Bank in Pasadena, Calif., was appointed to BBCN's board, which expanded to 11 members.
May 22 -
Hanmi Financial in Los Angeles has hired a former executive at Opus Bank to fill a newly created strategy post.
June 9
Community Bank in Pasadena, Calif., has completed a debt restructuring that will reduce second-quarter profit, but will improve its cost of funds and margins and increase yearly income.
The $3.6 billion-asset bank
The repayment will reduce second-quarter earnings by $3.8 million, after tax. The total restructuring will lower Community Bank's cost of funds, increase net interest margin and improve yearly after-tax income by about $1 million.
"The low rate environment has allowed us to lock in fixed-rate funding at favorable rates while utilizing the gains in our investment portfolio to reduce our higher-rate wholesale borrowings," David Misch, chief executive, said in the release.
Community Bank began the balance-sheet restructuring more than a year ago. The completion was announced last week.
