Community Bank of Pasadena completed its previously...

Community Bank of Pasadena completed its previously announced $23-million acquisition of Bank of Redlands . . . A group of investors led by Blackstone Capital Partners LP began its previously announced $1.6-billion buyout of about 17.5 million shares of CNW Corp. stock . . . The Federal Reserve reported that the average yield for one-year T-bills, the most popular index for making changes in adjustable-rate mortgages, fell to 8.40% last week from 8.80% the week before.