BKLA Bancorp announces second-quarter earnings and signing of definitive agreement to merge with World Trade Bank N.A.WEST HOLLYWOOD West Hollywood A community of southern California northeast of Beverly Hills. It is mainly residential. Population: 36,600. , Calif.--(BUSINESS WIRE)--July 31, 1995--M.J. Burford Burford ([ˈbɜːfəd] or [ˈbɝː-] in the IPA) is a Cotswold town in Oxfordshire, England. , chairman and chief executive officer of BKLA Bancorp, the parent of Bank of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , announced the company earned $66,000 in the second quarter, bringing the earnings for the six months ended June June: see month. 30, 1995, to $4,000, as compared with losses of $356,000 and $554,000 for the same periods in 1994. Burford was pleased to announce that the bank received notification from the Federal Deposit Insurance Corp. that it had removed the Cease and Desist Order An order issued by an Administrative Agency or a court proscribing a person or a business entity from continuing a particular course of conduct. The force and effect of a cease and desist order are similar to those of an Injunction issued by a court. which restricted certain of the Bank's activities. BKLA Bancorp also received notification from the Federal Reserve of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden that it had removed agreed-upon restrictions. Burford explained that the approximate $3.5 million infusion of capital on March 30, 1995, brought the bank up to the FDIC's well-capitalized level. BKLA Bancorp has signed a Definitive Agreement to merge with World Trade Bank, a Beverly Beverly, city (1990 pop. 38,195), Essex co., NE Mass., on Massachusetts Bay; inc. as a city 1894. Its chief manufactures are electronic and scientific equipment, consumer goods, and chemicals. Hills-based bank with $49,422,000 in assets and $46,784,000 in deposits. Burford commented he hoped the merger, based on an exchange of stock at book values, could be completed the first part of the fourth quarter. BKLA Bancorp intends to complete the merger whereby Bank of Los Angeles will be the resultant This article is about the resultant of polynomials. For the result of adding two or more vectors, see Parallelogram rule. For the technique in organ building, see Resultant (organ). In mathematics, the resultant of two monic polynomials entity. Bank of Los Angeles anticipates a Rights Offering to its existing shareholders granting them the right to purchase 2.5 shares of stock for every share of stock they presently own. The shares will be offered at 75 cents, and for every three shares purchased, a Warrant will be issued to purchase an additional share within three years at 75 cents. The company will offer a maximum of approximately 3.3 million shares and 1.1 million Warrants in this Offering. -0-
BKLA BANCORP
FINANCIAL HIGHLIGHTS
(dollars in thousands)
June 30, 1995 Dec. 31, 1994
Loans $38,601 $38,114 Deposits $64,433 $74,471 Shareholders' equity $ 7,573 $ 3,817 Total assets $74,198 $80,507
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
Net income (loss) $ 66 $(356) $ 4 $(554) Net income (loss) per share 1 cent (28 cents) - (44 cents) CONTACT: BKLA Bancorp, West Hollywood M.J. Burford, 310/843-1480 |
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