Magazine article American Banker

Beverly Hills Seeks Buyer Again

Magazine article American Banker

Beverly Hills Seeks Buyer Again

Article excerpt

Byline: Marissa Fajt

Beverly Hills Bancorp Inc. of Calabasas, Calif., is back to looking for a buyer, with no prospects in sight.

The $1.5 billion-asset company needs capital urgently to satisfy regulators, now that an agreement it struck last month to get a cash infusion has fallen through.

Though the deal price was never disclosed, Orchard First Source Asset Management LLC, a commercial lender in Rolling Meadows, Ill., had agreed to take an 80% stake in Beverly Hills Bancorp and replenish its capital. Orchard intended to merge its lending unit, OFS Funding LLC, into the bank subsidiary, First Bank of Beverly Hills.

But Larry B. Faigan, the chief executive officer of both Beverly Hills Bancorp and First Bank, said in an interview Thursday that the deal has been terminated, because it failed to win regulatory approval.

Faigan would not discuss what the objections were, but said he fears the regulatory hurdle could dampen the company's chances for success as it continues to look for a buyer and attempts to raise capital. …

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