Heritage Oaks Bancorp names new president

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• Heritage Oaks closing 3 banks

  Heritage Oaks closing 3 banks

  Citing increased profitability but an ongoing need to improve efficiency and cut costs, Paso Robles-based Heritage Oaks Bancorp said it is closing three of its 14 banks, has eliminated a top administrative position and has begun plans to grow loans and deposits in Santa Barbara and Ventura counties.

  The branches being closed over the next 90 days are in Morro Bay on Morro Bay Boulevard, in Santa Maria in the Oak Knolls Shopping Center and in Santa Barbara on Milpas Street.

  In all, 16 full-time and part-time workers are employed at the branches. Most if not all will be moved to similar positions at nearby Heritage Oaks locations, according to Heritage Oaks Bancorp CEO/President Simone Lagomarsino.

• Biz Buzz: Mission Community Bank repays TARP money

  Biz Buzz: Mission Community Bank repays TARP money

  Mission Community Bank has repaid $5.1 million to the U.S. Treasury Department, repurchasing all 5,116 shares issued under the Troubled Asset Relief Program’s Capital Purchase Program.

  Mission Community Bancorp, parent company for the bank, on Dec. 28 paid a total of $5,146,554 to the Treasury, consisting of $5,116,000 in principal and $30,554 in accrued and unpaid dividends, according to a news release from the company.

  Since the original federal investment in January 2009, the Treasury earned dividends of $759,584 from the bank, in addition to a full return of the original $5.1 million investment.

• American Perspective Bank to sell to Los Angeles-based PacWest Bancorp after terminating deal with Oregon company

  American Perspective Bank to sell to Los Angeles-based PacWest Bancorp after terminating deal with Oregon company

  American Perspective Bank directors have decided to sell to PacWest Bancorp’s Pacific Western Bank for $3 a share more than the deal they announced with Umpqua Bank on April 10.

  The new agreement is worth $13 a share, or a total of $58.1 million in cash. The Umpqua deal was for $10 a share in cash or $44.7 million.

  After being approached by PacWest with the higher offer, American Perspective terminated its agreement with Roseburg, Ore.-based Umpqua, and will pay a termination fee of $1.6 million.

• New CEO at Mission Community Bank

  New CEO at Mission Community Bank

  Newport Beach banker Tom L. Dobyns has been named the new chief executive officer of Mission Community Bank after longtime leader and founder Anita Robinson was reassigned last week by its board of directors.

  The leadership change is occurring as Mission positions itself for expansion across California’s Central Coast and Central Valley. Dobyns most recently served as president and CEO of American Security Bank in Newport Beach. “His proven success in directing profitable banks and his motivational approach will be very well received,” said James Lokey, CEO and chairman of the board of Mission Community Bancorp, the bank’s holding company, in a recent news release.

  Mission executives were unavailable for interviews.

• Coast Bancorp selects Mission Community Bank founder to be CEO

  Coast Bancorp selects Mission Community Bank founder to be CEO

  Coast Bancorp announced today that it has selected Anita Robinson to serve as chief executive officer of both Coast Bancorp and its subsidiary, Coast National Bank.

  Robinson will succeed former CEO Jack Wauchope, who resigned. She will also be named a director of both Coast Bancorp and Coast National Bank. Her appointments are subject to required regulatory approvals.

  Robinson founded Mission Community Bank and served as its CEO until November 2011, when its board of directors reassigned her to lead the bank’s community lending division.