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Friday, Jun 2, 2023

Valley Banks Receive Bailout Money

First California Financial Group Inc. in Westlake Village was among seven California banks receiving money from the government bailout of the financial industry. The bank, which has a dozen branches in Southern California, received $25 million, the Daily News reported. “In spite of the challenging financial environment, First California has strong asset quality …, more than sufficient liquidity and solid capital positioning,” First California President and CEO C.G. Kum said in a statement, according to the Daily News. NCAL Bancorp, a Los Angeles-based bank that serves small to medium-sized businesses, received $10 million, the Daily News said. The company has branches in Sherman Oaks, Glendale, Westlake Village, Los Angeles and Costa Mesa.

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