The board of 1st Business Bank has...

The board of 1st Business Bank has recommended unanimously that shareholders approve the acquisition of the Los Angeles bank by millionaire businessman John E. Anderson for about $89 million in cash. The transaction would make the bank a private concern owned by Anderson through his Century City holding company, Topa Equities. Along with shareholder and regulatory approval, the sale is contingent on Anderson reaching long-term employment agreements with existing bank management, which has endorsed the sale.