Merchant Bank of California Closed: Regulators shut...
From Times Staff and Wire Reports
Merchant Bank of California Closed: Regulators shut the long-troubled Merchant Bank of California in Beverly Hills, citing its deteriorating financial condition. The bank will reopen for business Monday as a branch of Western Bank in Los Angeles. The bank’s problems date back to 1985 and 1986, when it lost more than $8 million. The majority shareholder in the bank, which had $62 million in assets, was a trust made up of a large number of former partners with the bankrupt law firm Finley, Kumble, Wagner, Heine, Underberg, Manley, Myerson & Casey.
