BANKING
From Times Staff and Wire Reports
Pharaon Action Postponed: Independence Bank postponed the severing of its ties to Saudi financier Ghaith Pharaon until Federal Reserve Board officials remove his shares from a list of personal assets they froze. The bank is expected to use state laws to force Pharaon to forfeit his shares for failing to pump up to $27 million into the Encino bank to bolster its capital. The Fed is alleging that Pharaon secretly bought Independence in 1985 on behalf of the Bank of Credit & Commerce International.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
