BANKING / FINANCE
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Open for Business: After two years of delays, Laguna Bank finally received the last installment on $1.6 million in new capital on April 6. That afternoon, the rumors started flying.
“We must have had 40 phone calls in the last two weeks asking us whether we’ve been closed or sold or whether we were closing our branch and moving to Laguna Hills,” said Donald R. Narup, the bank’s president.
Fortunately for the bank, there was no run on deposits, Narup said.
The rumors, believed to be spread by disgruntled former employees, aren’t true, he said. The bank, which has struggled financially for the last few years to overcome losses caused by bad loans, is starting anew with more capital than regulators require.
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