Marine National Bank

Utah-based First Security Corp. said Monday it completed its previously announced acquisition Marine National Bank in Irvine. Terms of the buyout announced Oct. 1 weren't disclosed. Marine's former owner, Shinhan Bank of South Korea, paid $13 million for the three-branch institution in 1995. Marine's branches are in Irvine, Newport Beach and Orange. Salt Lake City-based First Security is the second-largest bank holding company in the West.

Marine National Bank: The Irvine business bank said net income for the first half increased 51% to $696,762, or $3.59 a share, from $461,369, or $5.42 a share, for the 1997 first half. Assets rose 44% to $238.5 million from $165.7 million.

Marine National Bank, an Irvine-based institution with three branches, is being sold by its South Korean parent corporation, Shinhan Bank, to First Security Corp. of Salt Lake City. Financial terms of the agreement were not disclosed in the announcement Thursday; Shinhan paid $13 million three years ago when it acquired Marine National.

Korea's Shinhan Bank said Wednesday that it completed the sale of Irvine-based Marine National Bank to First Security Corp. of Salt Lake City for an undisclosed price. Shinhan paid $12 million, or $9.90 a share, when it acquired Marine National three years ago. The sale will generate as much as $20 million for Shinhan, the bank said. Marine has branches in Irvine, Newport Beach and Orange.

Marine National Bank: The Irvine bank, a subsidiary of Shinhan Bank in South Korea, reported net income of $822,502 for 1996, 91% higher than the $429,847 posted for 1995. Fourth-quarter net income was $254,594, contrasted with a net loss of $148,513 for the same period in 1995. Total assets increased 42% to $145.9 million from $102.4 million.

Marine National Bank: The Irvine bank reported that net income for the first quarter declined 33% to $214,737 from $320,106 for the comparable period of 1996. The drop was attributed in part to increased expenses in establishing an international banking department. Marine was acquired last September by Shinhan Bank of Korea. Total assets rose 36% to $146.1 million from $107.3 million.

The Federal Reserve Board on Monday approved the acquisition of Marine National Bank by a major South Korean bank. The board voted 7 to 0 in favor of Marine's acquisition by Shinhan Bank of Seoul for $13 million in cash. Marine shareholders had approved the transaction in February. Mark E.

Marine National Bank said Monday that its shareholders have approved the sale of the 15-year-old institution to a major South Korean bank for up to $13 million in cash. Shareholder approval of the deal with Shinhan Bank, South Korea's seventh-largest bank, was "just a procedural issue," said Mark E. Simmons, Marine National's president. Shareholders approved the transaction in a special meeting last Wednesday, he said.

Marine National Bank: The Irvine bank said net income for the first quarter rose 84%, to $320,106, from $173,953 a year ago. Total assets increased 7%, to $107.3 million, from $100.5 million. The bank recently agreed to be acquired by South Korea's Shinhan Bank.

Marine National Bank: The Irvine bank reported second-quarter net income of $153,570, contrasted with a net loss of $74,365 for the like period last year. First-half profit totaled $327,523, compared to a year-earlier net loss of $267,134. Total assets as of June 30 were $105 million, up 11% from $94.6 million a year earlier.