Encino’s SafraBank Sold to New York Group

SafraCorp California, Encino-based holding company for SafraBank California, has agreed to be acquired by Republic New York Corp., holding company of Republic National Bank of New York.

Republic said it is buying SafraBank to gain entry into private banking in California.

Under the merger agreement, Republic said it will pay book value for SafraBank, or the net value of SafraBank’s assets, after adjusting the assets and liabilities to market value as of the sale’s closing date.

SafraBank, which has three offices, had assets of $83.8 million and deposits of $76.9 million on Dec. 31. It is wholly owned by Edmond J. Safra.

SafraBank declined to comment on the proposed merger on the grounds that it still must be approved by bank regulators.

Republic said Edmond Safra is a 29% shareholder of Republic and the company’s honorary chairman.