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BUSINESS
January 11, 1996 | Times Staff and Wire Reports
Home Interstate Bancorp and CU Bancorp to Merge: The combination of the two Los Angeles-area independent banks would create a single bank with $810 million in assets and 22 branches in Los Angeles, Orange and Ventura counties through a tax-free stock swap. Signal Hill-based Home Interstate and CU Bancorp, which is the corporate parent of California United Bank, have not determined the name of the new bank. The merger must be approved by shareholders and government regulators.
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BUSINESS
January 11, 1996 | Times Staff and Wire Reports
Home Interstate Bancorp and CU Bancorp to Merge: The combination of the two Los Angeles-area independent banks would create a single bank with $810 million in assets and 22 branches in Los Angeles, Orange and Ventura counties through a tax-free stock swap. Signal Hill-based Home Interstate and CU Bancorp, which is the corporate parent of California United Bank, have not determined the name of the new bank. The merger must be approved by shareholders and government regulators.
BUSINESS
May 7, 1986
Ruth A. Martin was elected chairwoman of Home Interstate Bancorp and Home Bank, Signal Hill.
BUSINESS
July 23, 1996
CU Bancorp posted a 13% rise in its second-quarter net income. The Encino-based bank had net income of $791,000 for the second quarter, compared with a $699,000 profit a year earlier. For the first six months, the bank's net income fell 4% to $1.36 million, down from $1.41 million a year ago. CU Bancorp also said it expects in August to complete its acquisition of Signal Hill-based Home Interstate Bancorp, a 15-branch bank.
BUSINESS
October 29, 1996
CU Bancorp, the holding company of California United Bank, reported a $5.1-million loss for the third quarter that ended Sept. 30, compared to a profit of $1.7 million in the corresponding period last year. For the first nine months of 1996, CU lost $1.8 million versus a profit of $4.7 million last year. Total assets of CU Bancorp as of Sept. 30 were $834 million, up 13% from $736 million at the same time last year.
BUSINESS
January 23, 1996
CU Bancorp posted a 12.4% rise in earnings last year after a 9% rise in profit during the fourth quarter. Based in Encino, CU Bancorp earned $781,000 in the fourth quarter that ended Dec. 31, compared to a $717,000 profit in the same period a year earlier. The bank's full year profit rose to $2.89 million, up from $2.57 million in 1994. The bank's chief executive, Stephen G.
BUSINESS
February 26, 1997 | From Times Wire Services
Bancorp Hawaii Inc. will buy Encino-based CU Bancorp for $183 million in stock and cash, the companies said. Bancorp Hawaii agreed to pay $15.34 in stock and cash for each CU Bancorp share, a premium above CU's closing price of $14.375 on Tuesday. CU Bancorp shares rose as much as 1 3/8 to 14 5/8 in morning trading Tuesday, while Bancorp Hawaii shares rose 3/8 to 45 3/8.
BUSINESS
March 4, 1997 | BARRY STAVRO, TIMES STAFF WRITER
The calls came in quickly to the top man's office last week when CU Bancorp announced that it planned to sell the local bank chain to Bancorp Hawaii Inc. for $183 million. Clients peppered CU Bancorp's chief executive, Stephen Carpenter, with the same questions: Is CU's management staying? Are loan decisions going be made out of state? Is the bank's name changing? Yes, local management is staying on the job. No, loan decisions will be made here. And no, the bank's name stays the same.
NEWS
May 26, 1991 | JAMES RAINEY, TIMES STAFF WRITER
There should be a certain sense of achievement, a cachet, in ranking at the top of the list. But that distinction is a somewhat dubious one for Lewis B. Merrifield III, the former president of the Pic 'N' Save discount chain. Sure, Merrifield ranked No. 1 in a Times survey of executive salaries in the Long Beach and Southeast areas of Los Angeles County for publicly owned businesses.
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