VALLEY BUSINESS : BUSINESS ROUNDUP : Sherman Oaks-Based Bank Acquired by City National
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City National Bank has acquired American Pacific State Bank, Sherman Oaks, in a cash transaction. The company paid approximately $91 million at $15.65 per share for the 5.8 million shares outstanding.
City National Bank, Los Angeles, is a federally chartered $6.7-billion commercial bank with 49 offices throughout Southern California, including American Pacific State Bank’s eight San Fernando Valley branches.
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