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Article: 3Q EARNINGS: Capital-Shy Harrington Clears One Hurdle.
- Article from:
- American Banker
- Article date:
- November 12, 2009
- Author:
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Robert Barba
Selling its Kansas branches helped Harrington West Financial Group Inc. hit a capital deadline this month.
But with loan trouble escalating and a regulatory order to boost capital at its Los Padres Bank unit even further, the Solvang, Calif., company is far from mended.
Theodore Kovaleff, an analyst at Horwitz & Associates Inc., said Harrington's options are narrowing. It might just have to decide what to sell next - stock, loans or possibly its wealth management unit.
"They have a higher bar to reach, and it seems to me they have a few choices," said Kovaleff, who focuses on thrift companies but does not follow ...