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This entry refers to a departed business — a business that has closed or left town. Information here is mostly for historical reference. |
The logo for Valley National Bank.
| Former Location |
| 328 Union, Watsonville, CA 95076 |
| Business Lifespan |
| As Valley National Bank 1964-1986 |
| As Household Bank 1986-1995 |
Valley National Bank was headquartered in Salinas, California. They were formed in 1964. They opened a branch in Watsonville sometime before 1966.
By 1981, Household International is incorporated as a holding company. Also in 1981, they acquired Valley National Bank in Salinas, California and entered the bank card market as Household Credit Services.
Household Bank
It was not until 1986 they changed the name of Valley National Bank to Household Bank. Household Bank is a unit of Household International.
As a credit card provider, the service has been criticized by consumer groups and the government. On July 2, 1986 Household International agreed to pay a fine of $600,000. At the time this was the largest fine ever levied by the Federal Reserve Board. (The California subsidiary violated banking regulations.)
The Watsonville branch was closed in 1995.
On November 14, 2002, HSBC announced the acquisition of Household International Inc.
HSBC is headquartered in London but is actually the Hong Kong Shanghai Bank Corporation.
HSBC acquired several banks to provide credit cards. Through their Beneficial and Household names, they provide credit cards branded with company logos. This included General Motors and Best Buy.
The California branches were sold. Home Savings of America acquired most of them.
On August 09, 2011 it was announced that the HSBC card unit was being sold to Capital One. The Credit Card processing center was still in Salinas.
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