Shinhan Sells Irvine Bank

Korea’s Shinhan Bank said Wednesday that it completed the sale of Irvine-based Marine National Bank to First Security Corp. of Salt Lake City for an undisclosed price. Shinhan paid $12 million, or $9.90 a share, when it acquired Marine National three years ago.

The sale will generate as much as $20 million for Shinhan, the bank said.

Marine has branches in Irvine, Newport Beach and Orange.