December 22, 1998
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.
September 19, 1995 |
In the latest transaction involving an Orange County community bank, Marine National Bank has agreed to be acquired by a major South Korean bank for $13 million in cash. Marine National's acquisition by Shinhan Bank of South Korea is the eighth involving a community bank in the county in the last year. Unlike most other recent bank sales, however, Marine National will retain its separate identity and current management. Marine National will operate as a subsidiary of the Korean bank.
October 2, 1998
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.