Local Bank to Buy Civic BanCorp
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City National Corp., the second-largest independent bank in California, agreed to buy Civic BanCorp for $113 million to expand in the San Francisco Bay Area.
City National, with 50 California offices and $9.8 billion in assets, would pay Civic BanCorp shareholders either $20.25 in cash a share or City National stock based on the average trading price over 10 days before the purchase closes, the companies said.
Beverly Hills-based City National, founded as a bank for Hollywood movie stars, would get Civic BanCorp’s 10 San Francisco-area offices, including its Oakland headquarters, $510 million of assets and $375 million of deposits, according to the companies. Civic BanCorp said 60% of its $375-million loan portfolio is made up of commercial loans.
The transaction is expected to close in the first quarter of 2002, pending regulatory and shareholder approval.
Civic BanCorp rose $19.40 to close at $3.01 on Nasdaq. City National fell 36 cents to close at $43.12 on the New York Stock Exchange.
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