San Joaquin Bank timeline
| Friday, Oct 16 2009 11:12 PM
Last Updated Friday, Oct 16 2009 11:14 PM
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Henry A. Barrios / The Californian Members of the news media gather outside the San Joaquin Bank 17th Street headquarters in downtown Bakersfield after regulators shut down the bank Oct. 16. The bank reopened Oct.19 as Citizens Business Bank.
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December 1980: The Bakersfield-headquartered bank is founded; it later becomes a subsidiary of San Joaquin Bancorp and trades over-the-counter under the symbol SJQU:US.
Oct. 19, 2006: Stock price reaches an all-time high of $38.86 a share.
Nov. 7, 2008: Bank officials enter into an informal memorandum of understanding with state and federal regulators saying they will maintain sufficient capital, improve credit risk and maintain an adequate rainy-day fund. The action is from weaknesses found by regulators in February.
December 2008: The bank stays in the black for the year despite a spike in troubled loans during the fourth quarter. Profits of $2.5 million on average assets of $888.5 million represent a 74 percent drop from 2007 earnings.
April 2009: State and federal regulators put the November agreement in writing. They set urgent deadlines for cleaning up troubled loans, among other things.
June 2009: U.S. Banker, a monthly trade magazine, publishes a list of the nation's 200 top community banks with assets of $2 billion or less. San Joaquin is ranked No. 6 in its June 2009 issue.
July 17: Stock price drops to $1.36 a share.
July 20: Bank officials say first-quarter losses were five times greater than originally reported, reaching about $18.2 million. At the same time, they announce a deal with a group of 11 Indian investors who have promised to buy about $38 million in stock. If the deal is fulfilled, the investors would own 62 percent of the institution.
Oct. 1: Bank officials file papers announcing state and federal regulators issued an order Sept. 25 requiring San Joaquin to increase certain equity by at least $27 million by Oct. 15. Stock prices close unchanged at $2.25 a share.
Oct. 5: The company announces changes to the holding company's board of directors, including the retirement of founder and Chairman Bruce Maclin.
Oct. 14: Bank President and CEO Bart Hill issues a statement intended to reassure customers and employees that the bank is making progress toward its near- and long-term goals. He emphasized that checking account holders' deposits are insured "regardless of the amount."
Oct. 16: State regulators shut down the bank shortly before 6 p.m. closing time.
Sources: Federal financial filings, Californian archives
