Fremont back as CapitalSource
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An early casualty of the subprime meltdown, Brea-based Fremont Investment & Loan, was operating Monday under new ownership and a new name, CapitalSource Bank.
Fremont was a major subprime mortgage lender until regulators ordered it out of that business last year. Its stock sank to pennies a share and recently was delisted from the New York Stock Exchange.
CapitalSource Inc., a real estate investment trust based in Chevy Chase, Md., agreed in June to take over viable parts of Fremont’s business, including $5 billion in deposits from its 22 branches, most of which are in Southern California. The branches reopened Friday.
CapitalSource Bank’s new chief executive, Tad Lowrey, said he hoped to bring back customers who were scared off by Fremont’s troubles.
-- William Heisel
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