Buena Park Bank SoldFriday, January 11, 2013
Buena Park-based Los Angeles National Bank has been acquired by Royal Business Bank in Los Angeles in an all-cash deal at an undisclosed price.
The sale is slated to close in the second quarter.
Los Angeles National, which primarily serves the Chinese-American community, had $198.9 million in total assets at the end of September. Net income for the third quarter was $348,000.
The bank has 38 employees at its OC office. It has three other branches in Los Angeles County.
Royal Business, which also focuses on the Chinese-American community, had about $626.7 million in assets as of September. Net income for the quarter was $2.6 million. The latest deal follows Royal Business’ acquisition of Oxnard-based Ventura County Business Bank, which was completed in February.