Chase Manhattan agreed to buy an Arizona bank.
The New York-based bank, the nation’s third largest, said it was acquiring Continental Bancor for about $75 million. Continental Bancor is the holding company for Continental Bank, Arizona’s sixth-largest bank with 13 branches in the Phoenix area and about $500 million in assets. The deal has been approved by the boards of both banks but still requires shareholder and regulatory approval. The transaction is the third major purchase of an Arizona bank by an out-of-state bank holding company since Arizona passed a liberal interstate banking law in April.
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