Verdugo Banking Opens for Business in Glendale

Verdugo Banking Co., a one-office bank in Glendale, has opened for business after raising $5.2 million in a recently completed initial offering of stock to the public.

The bank’s management includes several former managers of Valley National Bank, which was sold to Wells Fargo Bank in 1990. The bank said it was granted a state charter last month.

The bank said it will specialize in serving individuals and businesses in Glendale, La Canada-Flintridge, Burbank, Pasadena, South Pasadena, San Marino and downtown Los Angeles.