Bank of Industry plans to acquire Encino-based...

Bank of Industry plans to acquire Encino-based Charter National Bank in a $6.1-million cash transaction. Bank of Industry, with assets of $137 million and offices in City of Industry and San Francisco, will pay Charter shareholders cash equal to $13.25 per share, according to Dale E. Walters, president and chief executive of Bank of Industry. Charter, with assets of $48 million and one office in Encino, will be renamed Bank of Industry, and its top executive, Frank Sabetta, will remain with the bank. The transaction is subject to approval by shareholders and regulators.