BANKING
From Times Staff and Wire Reports
Santa Monica Bank Under FDIC Order: The bank said it agreed to take certain actions to improve its performance as ordered by the Federal Deposit Insurance Corp. Among other things, the bank must reduce the number of construction loans, maintain certain capital levels and “immediately eliminate” certain problem loans. Santa Monica Bank, with assets of $751 million as of March 31, said it believes many of the order’s items “have already been accomplished.”
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