Group pushes plan for new bank

first_imgWHITTIER – Jeffrey K. Ball, grandson of a prominent early Whittier family, has gathered a group of high profile local leaders who are in the process of organizing the city’s first new bank in 42 years. One of three public bank organizational meetings will be held at 6:30 tonight at Whittier’s Radisson Hotel, where bank organizers and officers will answer questions about the proposed financial institution and will offer stock for sale to founding shareholders. The next meeting will be at the same time and place on Wednesday. As of Feb. 1, the “bank in organization” began selling stock. They must raise between $12 million and $15 million of capital by March 31 to continue toward a charter. The required minimum investment is $10,000 for 1,000 shares. Ball, the founder, president and chief executive officer of the new Friendly Hills Bank (currently in organization), is the great grandson of M.C. Lautrup, who owned Whittier Sanitary Dairy around the turn of the last century. Lautrup’s daughter, Dolores, married Kenneth Ball, who moved to Whittier in 1912. After their marriage Kenneth operated the dairy for many years as Quaker Maid Dairy. Jeffrey is the son of Kenneth’s and Dolores’ eldest son, John, who is deceased. Kenneth Ball was one of the founders of Whittier National Bank in 1964. Jeffrey Ball, who has been in the banking business for 20 years, said the board of directors of the bank has 170 years of banking experience. “This bank is being organized to serve the banking needs of businesses, professionals and residents located in and around Whittier, La Habra, La Habra, Heights and Santa Fe Springs,” said Ball. Other members of the board are: Harold A Beisswenger, chairman of the board; Richard A. Casford, organizer-director; William C. Greenbeck, vice chairman; Robert Haendiges, organizer-director; Janice A. Legoza, organizer-director; Robert A. Kent, organizer-director; Larence E. Thackery, executive vice president and chief credit officer; Donald E. (Bill) Wood, organizer-director, and George W. Peterson, executive vice president and chief finance officer. Additional organizers are: Robert C. Ball, Virginia Keats Ball, T.R. Rasmussen Jr., Rett Rasmussen III, Philip White and Donald S. Wood. When the bank organization becomes official, said Ball, the bank should be able to open its doors by summer in a 4,300-square-foot building at 16011 E. Whittier Blvd., with an off-street parking lot and an operational staff of 15 people. “The \ environment today is better than when my grandfather participated in starting up a bank,” said Ball. “How often do you come across a stock that is in your own hometown, something you can touch and feel?” The bank can be reached at P.O. Box 4489, Whittier CA, 90607; by phone at (562)947-1920, or online at [email protected] [email protected] (562) 698-0955, Ext. 3015 AD Quality Auto 360p 720p 1080p Top articles1/5READ MORECasino Insider: Here’s a look at San Manuel’s new high limit rooms, Asian restaurant160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

Sauber cancel planned F1 engine deal with Honda

first_imgSauber’s planned Formula One partnership with troubled engine maker Honda from 2018 has been cancelled, the Swiss-based team said in a statement at the Hungarian Grand Prix on Thursday.Sauber, who currently use a year-old Ferrari power unit, said a new engine partner would be announced soon.”It is very unfortunate that we have to discontinue the planned collaboration with Honda at this stage,” said newly-hired team principal Frederic Vasseur, who was previously the Renault team boss.”However, this decision has been made for strategic reasons, and with the best intent for the future of the Sauber F1 Team in mind. We would like to thank Honda for their collaboration, and wish them all the best for their future in Formula One.”last_img