CRENSHAW : Founders Delays Branch Openings

Two new Founders National Bank branches scheduled to open this month will open in May, said Founders managing director Carlton Jenkins.

Jenkins said there has been more paperwork than expected in purchasing the former Security Pacific Bank sites, acquired after Security merged with Bank of America.

Transferring Security Pacific accounts to the Crenshaw Boulevard branch near the Baldwin Hills Crenshaw Plaza has also been slow, Jenkins said.

In February, B of A closed 11 B of A and Security Pacific branches in South and Central Los Angeles. Founders bought the office at 4143 Crenshaw Blvd. and an unused branch at 4277 S. Western Ave.

B of A spokesman Russ Yarrow said that, overall, the process is going “very smoothly,” and that once Founders gets approval from federal bank regulators, it can open.

The acquisition of the Baldwin Hills site included accounts, deposits and loans totaling $35 million. Accounts from that branch are being serviced by B of A until the new branch reopens as Founders. Minor refurbishments to the building will be finished by month’s end.

“It’s been a long, complicated process,” said Jenkins. “There’s a lot involved in the change of ownership that’s just taking time. But we’re excited by the progress that’s been made, and look forward to increasing our presence in the community.”

The new offices will increase the number of Founders branches--which are currently in Crenshaw, Gardena and Compton--to five.