Philippine Bank’s L.A. Operation Seized: State banking...
- Share via
Philippine Bank’s L.A. Operation Seized: State banking regulators closed Manilabank California, a one-office bank in Los Angeles. Regulators said the bank was owned by the Manila Banking Corp. in the Philippines. UST California, a subsidiary of the giant U.S. Trust Corp. in New York, will pay the Federal Deposit Insurance Corp. a $510,000 premium to assume the $19.2 million in 800 deposit accounts. Regulators said the bank has suffered big loan problems, high overhead and large operating losses since 1988.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
