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.