BANKING & FINANCE - July 4, 1996
From Times Staff and Wire Reports
Ventura Banker Awarded $2.5 million: An Orange County Superior Court jury ordered Ventura County National Bancorp to pay its former president, William McAleer, $2.5 million for failing to indemnify him against damages in connection with a dispute with federal regulators. The Ventura company said it is considering appealing the award, which it described as “excessive and unwarranted.” The bank holding company said it will set aside a reserve to cover the judgment, which will affect its financial results. The bank said it has sufficient cash on hand to pay the entire award if necessary.
