Banks’ Merger Given Federal Approvals

The $47-million merger of Ventura County National Bancorp and City National Corp. inched a step further, as bank officials announced this week that they have secured all necessary federal regulatory approvals.

The merger is still subject to approval by Ventura County National Bancorp shareholders at a Jan. 14 meeting. If approved, the merger is expected to be completed by Jan. 17.

After the transaction, Ventura County National Bancorp’s two banking subsidiaries, Ventura County National Bank and Frontier Bank, will be absorbed into City National’s banking subsidiary, City National Bank.

Ventura County National Bank’s four branches, in Ventura, Oxnard, Camarillo and Westlake, and Frontier Bank’s two branches, in Wilmington and La Palma, are expected to remain open under the City National Bank name.

However, some Ventura County Bank office workers, such as check processors, may lose their jobs, City National officials said. The laid-off employees will be allowed to apply for jobs elsewhere in the merged bank, which is expected to create some new jobs.

With 23 offices throughout Los Angeles, Orange and San Diego counties, Beverly Hills-based City National is the largest independent bank with headquarters in Southern California.

The merger follows a nationwide trend of consolidation in the banking industry. Locally, former banking giant First Interstate (recently acquired by Wells Fargo) swallowed up 113-year-old Bank of A. Levy last year and Bank of the Oaks in 1994. And Ventura County National Bank itself, founded in 1982 by local investors, acquired Conejo Bank in 1986, Frontier Bank in 1989 and a branch of Westco Bank in Orange County in 1990.