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First Interstate to Scale Back in Ventura

November 11, 1994|DAVID W. MYERS

First Interstate Bank, trying to digest its August purchase of Bank of A. Levy in Ventura County, said Thursday that it will close six branch offices in the county, eliminate up to 100 jobs and sell Levy's headquarters building in the city of Ventura.

The two banks combined now have 25 offices and employ about 350 people in Ventura County. First Interstate said those workers may reapply for the 250 jobs in the 19 branches that First Interstate will own in the area after the consolidation is completed next April.

First Interstate said current employees at both banks will also be given a chance to apply for jobs elsewhere in First Interstate's 13-state system, although an undetermined number will have to be laid off.

First Interstate also said it will sell A. Levy's 10-acre headquarters complex in Ventura.

A. Levy, founded 112 years ago, played a major role in transforming the once-rural region into a budding metropolis. First Interstate has more than 400 offices and $25 billion in assets in California alone.

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