Live Oak Bancshares is used to finding ways to make small-business loans, but its new M&A operation was formed after two bankers pitched the plan to Live Oak's management.
The banking companies agreed to terminate their planned merger after regulators withheld approval. The snag is tied to a previously disclosed issue with Hope's 2016 financial results.
Jeffrey Seabold, Banc of California’s former vice chairman, alleges that he and ex-CEO Steven Sugarman were scapegoats for inappropriate behavior by certain directors and that the company manipulated its first-quarter earnings.
Wells Fargo forced borrowers to pay millions of dollars in fees to extend interest rate locks that expired due to the bank's delays in processing mortgage applications, a lawsuit claims.
Doug Bowers said the company has moved beyond past issues, including corporate governance shortcomings and the abrupt departure of his predecessor, and is ready to bring in more loans and core deposits.
A reserve release helped offset lower net interest income, reflecting the California company's efforts to exit businesses that hurt its bottom line last year.
