Bank Sale Near: Irvine City Financial, the...

Bank Sale Near: Irvine City Financial, the parent firm of Irvine City Bank in Irvine, is close to reaching a definitive agreement that would turn over up to 75% of the existing stock to a purchaser, said company President James P. Giraldin.

Giraldin would not reveal the sale price nor the identity of the buyer or buyer group, except to say that it was not another financial institution. He did say the acquirer is from Orange County.

Giraldin said he would be among the group selling stock, but the parties have not decided yet if he will remain as president. He said he would like to pursue other opportunities but may remain with the institution for a short time.

Any final agreement would need regulatory approval.

Irvine City Bank is a savings and loan that had $78.5 million in assets and met its federally mandated capital requirements at the end of June.