BANKING

Dillon Makes Bid for Citadel: The Columbus, Ohio-based private investment partnership said it wants to acquire the approximately 90% of Citadel Holding Corp. it does not already own for about $24 million, or $4 per share, in cash. The stock of Glendale-based Citadel, a thrift holding company, rose 62.5 cents to $3 on the American Stock Exchange. In a letter to Citadel’s board dated Tuesday, Dillon said the price represents a 68% premium to the current market price. The Dillon bid is the latest of several attempts to control Citadel. In its letter, Dillon said its proposal is conditional on a number of factors, including ending lawsuits between it and Citadel.