Troubled Los Angeles Community Bank to Be Phased Out of Existence LOS ANGELES (AP) -- A federally funded bank created after the 1992 Los Angeles riots to revitalize low-income neighborhoods is going out of business. The Los Angeles Community Development Bank has been plagued by bad loans, poor management and often fell short of its mandate to create jobs for the city's poorest residents. City Council approved a plan Friday directing it to phase out operations over the next 18 months. The bank was launched four years after the riots, which erupted following the acquittal of four white officers in...