Rabobank

King City filed a lawsuit against the new owner of the former Community Bank of Central California regarding a financial dispute. The city deposited $4.4 million into the bank as a deposit, but Rabobank maintained the city put the money up as collateral for loans on a city downtown redevelopment project called Town Square. In a settlement agreement, the city confirmed it was set to $730,000 in interest earned on the $4.4 million deposited with the bank and another $100,000 from the bank in the form of a donation. (Aug-15-06) [THE KSBW CHANNEL]

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