United Pacific Bank has negotiated a letter...

United Pacific Bank has negotiated a letter of intent in which an Indonesian investor would get the bank’s backing for a friendly takeover. Under the proposal, the bidder--the name of the investor was not released--would make a tender offer and would purchase a minimum of 60% and as much as 100% of United Pacific stock. The price to be paid for the stock is the subject of negotiations for a final agreement, according to David Bow Woo, an attorney for the bank. The stock is traded on the over-the-counter market and the bank’s board controls about 40% of the stock. United Pacific is a single branch bank operation in Los Angeles.