Monarch’s Deal Done

The parent company of Monarch Bank said Tuesday it has completed its acquisition of much larger Western Bank, a five-branch operation based in the Westwood area of Los Angeles.

Monarch Bancorp said it sold $43.2 million of new capital stock in a private offering to help finance the acquisition. Monarch Bank reported $70 million in loans and other assets at the end of 1995, while Western’s assets totaled $397 million,

Monarch and Western banks will operate as separate subsidiaries. Hugh S. Smith Jr., chairman of Western, becomes chairman and chief executive of Monarch Bancorp. Monarch chairman John W. Rose will remain a director of the parent corporation. E. Lynn Caswell, who has been president and chief executive officer of Monarch, will become vice chairman and remains chairman, president and chief executive of Monarch bank.