Monday, June 16, 2008

How did PFF Bancorp become not PFF Bancorp?

I just posted the news of the PFF Bancorp acquisition, but I was on vacation when the last chapters of PFF Bancorp were played out.

Here's part of what the Claremont Insider said on June 9:

PFF Bancorp (NYSE: PFB) was back in the news Friday. The Daily Bulletin's business reporter Matt Wrye had a brief article noting that PFF Bancorp was looking to generate $460 million. The Rancho Cucamonga-based banking company had to ask for an extension on a $44 million overdue loan at the end of May and is looking to pay that off.

Matthew Wrye said:

In the midst of a booming, inflated housing market, CEO Kevin McCarthy signed off on loans to housing developers who can't repay what they borrowed.

Some experts speculate PFF is on the verge of government receivership if private equity doesn't come to its rescue, or if the bank isn't bought out.

Well, the bank was bought out. We'll see what Wrye has to say about this.

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