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Safracorp California

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BUSINESS
April 27, 1993
SafraCorp California, Encino-based holding company for SafraBank California, has agreed to be acquired by Republic New York Corp., holding company of Republic National Bank of New York. Republic said it is buying SafraBank to gain entry into private banking in California. Under the merger agreement, Republic said it will pay book value for SafraBank, or the net value of SafraBank's assets, after adjusting the assets and liabilities to market value as of the sale's closing date.
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