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CALIFORNIA | BANKING | BRIEFLY

Lippo Bank to Close Orange County Branch

May 27, 1997|Chris Kraul

Lippo Bank California will close its Westminster branch within 90 days and transfer the office's deposits to nearby Cathay Bank in response to a regulatory order from the Federal Deposit Insurance Corp. to improve earnings, capital and asset quality. Headquartered in Los Angeles with assets of about $100 million, Lippo will retain branches in Los Angeles, San Jose and San Francisco. The bank, which specializes in international trade loans, also said it raised $6 million in new capital from new majority owner James T. Riady. Lippo said its cost-cutting measures will reduce annual overhead by $1.2 million. Cathay Bank has agreed to buy the deposits at the branch for an undisclosed amount, assuming control once the purchase is complete. Depositors will be under no obligation to keep their funds at Cathay.

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