Santa Ana Mayor Miguel Pulido has served on the Board of Directors of the Fullerton Community Bank for many years. He told me last year how proud he was of their long record of success. Fullerton Community Bank has made money while other banks have lost money.
Just consider what happened to the Santa Ana Business Bank, which was founded by Alfredo Amezcua, a criminal defense lawyer who ran unsuccessfully against Pulido last year. Amezcua ended up selling the bank at a huge loss to their investors. He sold the bank for six million, and investors only got about six dollars a share. The investors initially put in about ten dollars a share, and it bottomed out at $3.50 a share.
Fullerton Community Bank’s mother company, RMG Capital Corporation, on the other hand, has been sold for $50 million dollars – a substantial profit to Opus Bank. “The boards of directors for Opus and RMG have approved the transaction, which values RMG common stock at $17.47 a share,” according to the O.C. Register.
I reviewed RMG’s stock, and found that it has jumped to a high of $16.65, according to Businessweek, after averaging about $5 for quite awhile. The RMG investors are going to make out quite well in the sale of their bank.
The news gets even better as “Additionally, concurrent with the close of the transaction, the Opus Community Foundation intends to award grants to local non-profit organizations in the communities served by Fullerton Community Bank,” according to an RMG press release.
In related news, the Voice of OC blog once again proved to be anything but objective, with a ridiculous post that fails to mention that Fullerton Community Bank sold at a profit and that their non-profits are going to be supported by their new owner. Once again the Voice of OC has proved to be just another blog with a chip on their shoulders, not a legitimate news site.