Business
In the wake of First Pension Corp.’
July 10, 1994
Michigan National Corp., citing differences on “multiple issues,” has abruptly called off its proposed $25.5-million cash-and-stock acquisition of CommerceBancorp.
Oct. 8, 1992
Concerned about potential liability from its past business connection with First Pension Corp., CommerceBancorp in Newport Beach said Monday that it has postponed a stock offering that would have brought in desperately needed capital.
June 28, 1994
CommerceBancorp, hurt by soured construction and commercial loans and a continued weak economy, said Monday that it lost $158,000 in the third quarter.
Nov. 3, 1992
Independence Bank has agreed to acquire CommerceBancorp for $16 million in cash, which would increase the assets of Encino-based Independence by 50% and make it one of California’s 25 largest banks.
Nov. 10, 1987
Michigan National Corp., which owns Beverly Hills Business Bank in Mission Viejo, has agreed to acquire CommerceBancorp for $5.1 million in cash and $20.4 million in stock.
Sept. 15, 1992
Last year, a number of troubled savings and loan companies such as UnionFed Financial Corp. in Brea kept regulators at bay by raising much-needed cash through stock sales.
Jan. 7, 1994
CommerceBancorp: The Newport Beach parent company of CommerceBank reported that net income for the first quarter rose 2% to $830,487 from $811,193 for the corresponding quarter in 1989.
April 19, 1990
The prospect of the sale of CommerceBancorp has investors bidding up the price of its stock.
Sept. 16, 1992
For the second year in a row, CommerceBancorp on Friday reported a heavy annual loss--$3.6 million--from expected loan defaults and a write-off of real estate loans that have lost value in the recession.
March 13, 1993