American Republic Agrees to Buy Palos Verdes Bank
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American Republic Bancorp of Torrance said Friday that it has reached an agreement to acquire Palos Verdes National Bank in a combination cash-stock transaction worth about $5 million.
John B. O’Donnell, president of American Republic, said the Palos Verdes bank will retain its name and operate as an independent subsidiary. The deal must be approved by Palos Verdes National shareholders and by federal regulators.
American Republic is the parent of Republic Bank, which has assets of $132 million and offices in Torrance, Gardena and Fullerton. Palos Verdes National has assets of $40 million and a single office in Rolling Hills Estates.
On Wednesday, American Republic announced the sale of its Commonwealth Thrift subsidiary for $1.6 million to a group of former American Republic shareholders.
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