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The organizers of Ventana National Bank had lofty ambitions when they began organizing the institution here two years ago. They even planned to open Banks in Phoenix and Dallas, as well as San Diego.
But the recession changed all that. Last month, Ventana National withdrew its application.
Designated Chief Executive Bob Adkins didn’t return a phone call for comment. The bank had at least two employees, including Chief financial Officer Karen Brassfield, who was recently hired by Silvergate Bank as its CFO.
Ventana, Spanish for window, was shooting for a record amount (for a local bank) on the capital it would raise before opening.
In its application, organizers said they were targeting $23 million in capital, with at least 20 percent of the amount coming from a group of 55 founders.
While Ventana National’s plans are out the window, another bank is still going ahead with plans to open this year.
“We just started our capital raising campaign today,” said Rick Mandelbaum, chief executive at Gateway Pacific Bank in National City.
Gateway Pacific is trying to raise $15 million to $19 million, and is seeking minimum investments of $20,000.
It’s obtained approvals from the Federal Deposit Insurance Corp., the state Department of financial Institutions and the Federal Reserve Bank, which is necessary because the bank is forming a holding company.
It’s a rough time to launch a new bank, most bankers say, given the lousy economy, minuscule interest margins and tougher regulatory environment.
Mandelbaum refutes that, saying his bank’s targeted customers, including under-served minority residents, will make the difference.
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Imperial Capital Amends Exec Contracts:
George Haligowski, chairman, president and chief executive of Imperial Capital Bancorp, and several other executive team members had their salary contracts amended a week after agreeing to a cease and desist order issued by the federal banking regulators and the state Department of Financial Institutions.
The order mandated the lender, with $4.4 billion in assets, to take a number of corrective actions, including maintaining an experienced management team.
The order specifically required the bank to employ a top executive who has significant lending experience, and “experience in upgrading a low-quality loan portfolio.”
As of Dec. 31, ICB reported $192.9 million, or 4.34 percent, of its assets as nonperforming, loans past due 90 days or more. Those problem loans caused the bank to put aside $78 million into its loan loss reserves last year, and take a $32.6 million net loss for the year.
In many instances, executives of Banks hit with sanctions take salary cuts, though such cuts were not specifically contained in ICB’s cease and desist order.
However, in a recent securities filing, Imperial said it amended the terms of Haligowski’s employment contract. The bank’s board of directors made the contract changes “based on the condition of the company and its recent performance,” according to a bank spokeswoman.
The changes included cuts to his auto allowance; severance package, should he lose his job because of a change of control; and benefits package.
In March, ICB said Haligowski took indefinite medical leave.
For 2008, Haligowski had the third highest compensation package in local banking circles, or just over $1 million, down from $1.57 million paid in 2007. The base salary has stayed the same for the past several years at $590,000.
In addition, he received $415,000 in other compensation, including $131,000 in interest paid on an employee savings account, $88,000 for the use of chartered jets and $19,000 for club memberships.
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Bliesner Moves On:
It was billed as a tribute to Jim Bliesner, who left his job as director of the City-County Reinvestment Task Force on March 27, but the event was more like a roast for the longtime community advocate.
Bliesner’s job was eliminated when the San Diego City Council voted to use federal grant funds for only city staff. The task force’s annual $150,000 budget covered Bliesner’s salary plus a staffer and expenses.
The organization monitored bank lending practices.
When the bigger Banks merged, the task force often corralled the banks into making specific loan commitments on such things as affordable housing projects, mortgages and small businesses.
Bliesner, who held the position since 1985, wasn’t out of work too long.
He’ll be working at the UC San Diego Center for Social and Academic Advancement as a visiting scholar, developing online financial literacy programs.
Send any news involving local banks and other finance news to Mike Allen via e-mail at mallen@sdbj.com. He can be reached at 858-277-6359.
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