First Security to Purchase Marine National Bank
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Marine National Bank, an Irvine-based institution with three branches, is being sold by its South Korean parent corporation, Shinhan Bank, to First Security Corp. of Salt Lake City.
Financial terms of the agreement were not disclosed in the announcement Thursday; Shinhan paid $13 million three years ago when it acquired Marine National.
Marine National, which had $230 million in assets and $167 million in deposits on June 30, would become a unit of a First Security subsidiary, California State Bank. First Security said it had not decided whether to retain Marine National’s name.
The bank has branches in Irvine, Newport Beach and Orange.
The transaction, which requires regulatory approval, is expected to be wrapped up before the end of the year, First Security said.
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