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Only time will tell what happens to the former parent company of PFF Bank & Trust that sits on Milliken Avenue and Sixth Street in Rancho Cucamonga. The Office of Thrift Supervision seized PFF Bank and Trust and handed it over to the Federal Deposit Insurance Corp. on Nov. 21, which in turn sold it to a subsidiary of Minneapolis-based U.S. Bancorp (NYSE: USB) -- a well-capitalized company receiving $6.6 billion from the government's $700 billion bailout package. David Sweet, a PFF spokesman, said he couldn't comment on what happens next to PFF Bancorp. He also couldn't comment on whether CEO Kevin McCarthy, CFO Gregory Talbott and other executives are still slated to receive a combined $8.5 million in severance pay. David Barr, spokesman for the FDIC, said he doesn't know what will happen to PFF Bancorp, although several bank holding companies have a history of going into bankruptcy after their subsidiary banks are seized by the government. "It depends on what assets they have," Barr said. PFF still owns Glencrest Investment Advisors Inc., a Claremont-based investment subsidiary. But several employees at the investment arm have already been laid off. The stock hit almost $40 a share in mid-2006. PFF Bancorp has been undercapitalized since summer. The company suffered $285 million in losses between March 2007 and September of this year, according to financial statements. PFF Bank & Trust saw a run-off in bank deposits worth $820 million between March and September, adding to PFF Bancorp's liquidity problems. To see more of the San Bernardino County Sun, or to subscribe to the newspaper, go to http://www.sbsun.com. Copyright (c) 2008, San Bernardino County Sun, Calif. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. For full details for PFFB click here.
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