|Fullerton Community Bank|
Online Banking/Business Accounts
Online Banking/Corporate Accounts
Online Banking/Personal Accounts
Fullerton Community Bank was first chartered by the State of California on July 9, 1927 as Fullerton Building and Loan Association and has operated continously since that date. The Association obtained federal deposit insurance in 1945, and in 1953, the name was changed to Fullerton Savings and Loan. On November 13, 1991, Fullerton Savings converted from a state chartered savings and loan to a federally chartered savings bank.
From its inception through the 1960's, the Association's primary mission was to serve the savings and home mortgage needs of the Fullerton community and the immediate surrounding areas. In 1968, the Association began branching into other Orange County communities. Fullerton Savings built a long-standing reputation for conservative, prudent management, making it one of the most respected financial institutions in the country.
During the 1980's, the Association used its historical expertise in real estate as well as its authority under then existing regulations to expand into real estate development. This strategy proved very profitable as evidenced by the fact that by 1989, the Association became one of the five largest capitalized thrifts in the US in its size bracket.
Various events converged on Southern California during the late 80's, which threw the region into a recession and real estate depression. Falling values combined with the rigid enforcement of the Financial Institution Reform and Recovery Act (FIRRA) triggered losses to the Association in the early 90's. The management team devoted its resources and energies towards asset recovery, paving the way for renewed profitability commencing in 1994.
Concurrently, it became clear to management that the Association's primary asset, single family residential mortgages, had become a low margin commodity-type product. As such, and due to the tremendous depth of the mortgage-backed securities market, yields on this traditional asset fell, resulting in a narrowing spread over its cost of funds. Management also believed that this trend would continue for the foreseeable future, thus eroding future profit potential from its core activity.
Management thus determined that the Association should broaden its product lines and expand its customer base to enable it to prosper in the coming years. Many different paths were considered, however, it became obvious that transitioning to a full-service community bank was the best direction for Fullerton Savings and Loan. An implementation strategy was determined and put in to motion. The Association actively recruited experienced bankers from the local community to head up the new business units. The Association invested in new technology to bring the new product lines to the marketplace, and in April 1998, the Association officially changed its name to Fullerton Community Bank to more accurately reflect the community banking direction.
Fullerton Community Bank now proudly defines itself as a locally owned, community-oriented, full service bank, which has demonstrated steady, controlled growth over the years and unparalleled commitment to personalized service and value-added products.
|Title:||Fullerton Community Bank|
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