Larry Dodge, the philanthropist whose donation help jumpstart the film school at Chapman University last year, is opening a local branch of his Kansas City, Mo.-based American Sterling Bank.
The branch, set for Foothill Ranch, could be the first of several Dodge said he plans to open in Orange County in the next few years.
“We wanted to open a full-service branch in Orange County because it is such a dynamic area, with growing numbers of families and business who need our services,” Dodge said. “We have a strong mortgage lending presence in this region. With the growth in this part of Orange County, Foothill Ranch was a natural market.”
In 2000, American Sterling acquired the wholesale mortgage business of Laguna Hills-based Eldorado Bancshares, now part of Zions Bancorpora-tion’s California Bank & Trust.
(Despite its name, American Sterling Bank is chartered as a savings and loan.)
Dodge said he hopes to build on American Sterling’s mortgage business here by tacking on other types of accounts to loans, such as home equity credit lines and checking accounts.
“We think we can be competitive on the depository side of things,” he said.
American Sterling Bank has its roots in Missouri but falls under American Sterling Corp., Dodge’s Irvine-based holding company.
The parent company also has mortgage lending, insurance and film production businesses.
Dodge bought the bank, which was founded in 1907, in 1971. Bing Crosby was among the first shareholders.
These days, Dodge splits his time between Kansas City, where his family has a home, and Monarch Beach, where he also has a home.
Dodge grew up in OC: “I’m a California farm kid,” he said. “I’ve been here since it was orange groves.”
And he’s made himself at home here. Dodge and wife Kristina made news last year by pledging $20 million to Chapman’s film school, the second largest donation in the school’s 143-year history.
Along with Emulex Corp.’s Paul Folino and homebuilder William Lyon, Dodge has been a financial backer of Gov. Arnold Schwarzenegger.
And Dodge is giving back to his alma mater.
He’s bankrolling a new sports stadium at Redlands High School, where he was a football player and graduated in 1957. He’s also given money for after-school programs.
Dodge, a retired Marine, also is a giver back in Kansas City, where he recently gave $5 million to the city’s art institute.
As for American Sterling Bank, it’s relatively small. It now has three branches in Kansas City and one in Phoenix.
The bank has about $300 million in assets, which would rank it No. 3 among OC-based banks.
In 2001, the bank got approval to operate nationwide and opened its Phoenix branch. The move was designed to capitalize on the city’s rapid housing expansion, according to Dodge.
Now Dodge said he is looking to get into business lending.
“Our preference is small businesses, $10 million in annual sales and below,” he said.
American Sterling faces a lot of competition, from the small-business arms of big banks operating here to smaller, homegrown banks.
But the bank is entering a growing market. Deposits at the 25 largest banks operating here grew for the fourth year in a row, jumping 20% to $36 billion for the 12 months through June 30, according to the Business Journal’s annual list.
