Thrift Changing Its Name to Reflect Broader Focus

Beverly Hills Business Bank Federal Savings Bank, the savings and loan subsidiary of Michigan National Corp., will change its name Tuesday to Independence One Bank of California FSB.

Officials of the Mission Viejo-based thrift, which moved its headquarters from Beverly Hills several years ago, said the name change reflects its broader focus on Orange, San Diego and Los Angeles counties. The new name is also used on several other Michigan National subsidiaries, including a mortgage firm and life insurance company.

Under the new name, Independence One will continue to target mid-size businesses, a strategy the financial institution adopted two years ago when Michigan National hired Edward H. Sondker as president. Such customers typically have $5 million to $50 million in annual sales and have credit needs of $500,000 to $15 million.

“Changing the name is really the final step toward repositioning ourselves,” Sondker said.

Beverly Hills Business Bank is the descendant of failed Beverly Hills Savings & Loan, which Michigan National bought in 1988 with federal assistance. Michigan National plans to transform the thrift into a commercial bank, probably by converting it to a bank charter sometime next year, Sondker said.

Michigan National has also been looking at acquiring a commercial bank in an effort to expand its market share. Earlier this fall, the company had looked to buying CommerceBancorp, the holding company for CommerceBank in Newport Beach, but negotiations were unsuccessful.