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A merger of two local banks was delayed.

Encino-based Valley State Bank and Olympic National Bancorp, a Westside bank holding company, said that their previously reported merger has been delayed indefinitely but added that they may still merge. When merger plans were reported in July, the participants predicted that a final agreement would be completed by the end of August. Valley State Bank, which has lost about $1 million over the past two years, reportedly was counting heavily on the deal to solve its financial problems.


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