Sale of Marine National Proceeds

Marine National Bank said Monday that its shareholders have approved the sale of the 15-year-old institution to a major South Korean bank for up to $13 million in cash.

Shareholder approval of the deal with Shinhan Bank, South Korea’s seventh-largest bank, was “just a procedural issue,” said Mark E. Simmons, Marine National’s president.

Shareholders approved the transaction in a special meeting last Wednesday, he said. The deal still must be approved by South Korean regulators and the Federal Reserve Board.

The sale is expected to be completed by April 30.

Simmons said Marine National, which would operate as a subsidiary of Shinhan Bank, would continue to serve current customers at its Irvine, Newport Beach and Orange branches and would open an international banking department to serve Pacific Rim countries.

All current employees are expected to remain.

Marine National holds loans and other assets totaling more than $105 million. Shinhan, which has branches in New York, Tokyo and London, has assets of $40 billion.