Bank of Beverly Hills considers sale
From Times Wire Services
Beverly Hills Bancorp Inc., the holding company of First Bank of Beverly Hills, said its board would consider selling the company.
The Calabasas-based company said in a Securities and Exchange Commission filing that it had hired Hovde Financial Inc. as an investment advisor but that there was no assurance the banking firm would pursue a transaction.
Earnings at Beverly Hills Bancorp fell to $14.8 million last year from $15.1 million in 2005. The bank, which focuses on loans on commercial real estate, including apartments, extended $337.4 million in loans last year. It ended 2006 with $850.9 million in deposits.
Trading in the company’s shares was halted Wednesday before the announcement.
