U.S. debtors delinquency rates improved significantly, credit bureau Equifax reported. Among the most significant statistics, 60-day deliquescence on credit card bills fell by 29 percent.
The reduction in late payments has in turn led to increased credit, according to Equifax. Credit card originations for consumers with subprime credit scores (below 660 points) increased 48 percent from January through October.
Among other types of debt, 60-day delinquencies among auto loans financed by dealers decreased by 19 percent. Auto loans financed by banks fell 23 percent in 2011.
Mortgage payments delinquent by 30 days declined by 13 percent last year, according to Equifax.
CO-OP Financial Services, based in Rancho Cucamonga, processed more than 200 million electronic payments in December, the company reported.
It was the first time the company ever processed more than 200 million transactions in a single month.
CO-OP Financial services provides payment processing and other services to credit unions. The company processed some 2.2 billion payments in all of 2011.
The company first crested the 1 billion mark in 2004.
J.P. Morgan Chase & Co. plan to about 60 Southern California branches this year.
The anticipated openings are part of the banking firm’s plan to open
nearly 100 branches up and down California and about 175 branches
A bank spokesman said he could not identify where the new Chase bank
branches will open, but did say most of the Southern California branches
will be in the Los Angeles and Inland Empire areas.
Chase has 930 branches in California. J.P. Morgan Chase & Co. acquired Washington Mutual in 2008.
CVB Financial, parent company of Citizens Business Bank, will report its earnings for the fourth quarter of 2011 and the past year as a whole after markets close on Jan. 18.
The banking firm’s management is scheduled to discuss their financial results in a conference call the following morning.
The conference call is scheduled to begin at 7:30 a.m. Jan. 19. Investors and other interested parties can listed to the call by dialing 877-317-6789. The call will also be broadcast online via the company’s website, which is www.cbbank.com.
CVB Financial’s corporate offices are in Ontario.
Chino Commercial Bancorp, parent company of Chino Commercial Bank, announced a rights offering for current shareholders to acquire additional stock.
As of the scheduled record date, close of business Nov. 18, shareholders who choose to participate will be able to purchase three shares of common stock for each 10 shares already owned. Share prices have yet to be announced, “but will approximate the fair market value of the shares at the commencement of the offering as determined by the board of directors,” the company announced.
Shareholders who exercise their subscription rights will also receive bonus shares equal to 5 percent of shares purchased through the rights offering. Shareholders may also be able to purchase additional shares, with bonus shares attached, subject to availability.
Subscription rights will be exercisable until 5 p.m. Pacific Time on Jan. 20, although the Chino Commercial Bancorp may extend the subscription period.
Altura Credit Union reported a $3.37 million profit for the quarter ending Sept. 30.
The amount signifies an increase of about $200,000 from the year’s previous quarter and a significant improvement from the Riverside-based credit union’s condition of one year prior.
After the third quarter of 2010, Altura Credit Union reported a $1.5 million loss.
Improved financial conditions have also made it possible for Altura to reduce its loan loss provisions.
“The local unemployment rate has begun to drop. Home foreclosures are down, although we are seeing more ‘short sales’,” Altura CEO Mark Hawkins said in a statement. “People are adjusting to the new economic reality and are focusing on paying down debt. As a result, consumer loan activity remains sluggish. This is an ongoing challenge for all financial institutions, and we are no exception,” he added. “Yet, there is a lot to be positive about right now.”
Altura’s reported capital ratio is 6.89 percent, which the government considers to be adequately capitalized.
Chino Commercial Bancorp, parent company of Chino Commercial Bank, earned about $120,000 in profit during the quarter ending Sept. 30.
That number compares with the $194,000 the company earned during the equivalent three-month period last year.
For the first nine months of this year, Chino Commercial Bancorp. reported a profit of about $273,000, which is about 9.6 percent greater than last year’s earnings.
The bank had $106.2 million in assets at the end of the quarter.
Bank president Dann H. Bowman<NO1> cq<NO> said in a statement that the bank’s customers appear to be benefitting from improved economic conditions. The bank only had a single delinquent loan at the close of the quarter, and the loan has been paid off since the end of the reporting period.
CVB Financial, the parent company of Citizens Business Bank, plans to release its third-quarter earnings release after the close of markets on Oct. 19.
A conference call is scheduled to begin at 8:30 a.m. the following day.
Interested parties can listen to the call by dialing 877-317-6789 or accessing the company’s website.
CVB Financial is based in Ontario.
Bank of America hired Maria Khan as a new small business banker for the Inland Empire.
Khan, who lives in Redlands, was hired as part of the bank’s effort to hire 100 small business bankers for the greater Los Angeles area. Khan and other small business bankers’ duties will include spending time at clients’ places of business to learn more about their operations.
Khan has seven years’ experience working with small business, according to Bank of America.
\>Inland Retirement Advisors, based in Rancho Cucamonga, has scheduled a free workshop for people seeking retirement advice in a highly-volatile economy.
The workshop is scheduled to begin 6:30 p.m. Thursday at Total Wine, 8201 Day Creek Blvd., Rancho Cucamonga.
Admission will be free.
RSVPs are requested.