BANKING & FINANCE - Sept. 17, 1996

City National to Acquire Oxnard-Based Bank: City National Bank said it plans to buy Ventura County National Bancorp for $47 million, merging Ventura County’s largest independent bank into the largest independent bank based in Southern California. The sale would bring VCNB stockholders cash, stock or a combination of the two valued at $5.03 per share, or approximately 1.6 times the book value of VCNB as of June 30. City National would assume responsibility for VCNB’s $274 million in assets and continue operating its six branches, the Beverly Hills-based bank said. The merger is expected to close during the first quarter of 1997, subject to approval by shareholders and regulators. VCNB shares rose 87.5 cents to $4.50 on Nasdaq; City National eased 12.5 cents to $17.125 on the NYSE.