BANKING/FINANCE
Anaheim builder James A. Carter, who bought Beach Savings Bank in Huntington Beach a year ago, has increased his stake in Corporate Bank by paying $2.72 million for 48% of its stock. He already owned a controlling 50.5% interest in the Santa Ana bank before the purchase.
The block of stock cost Carter $12.56 a share for 216,585 shares, or about 1.14 times the book value of the bank’s stock.
Carter, who heads Spruce Grove construction company, plans to buy out each director’s remaining stock to own all the shares. Previously, as Corporate National Bank, federal banking laws required each director to keep $1,000 worth of bank stock.
To get around that requirement, the bank converted Jan. 8 to a state charter, which allows one person to own 100% of a bank.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
