A BOON FOR BLACK OWNERSHIP MERGED BANKS TO TARGET INNER CITY.

Byline: Evan Pondel Staff Writer

Backed by majority shareholders Ervin ``Magic'' Johnson and Janet Jackson, Founders National Bank of Los Angeles, Boston Bank of Commerce and Miami's Peoples Bank of Commerce have agreed to merge, combining assets of $270 million.

In a move to unite inner-city communities, 42-year-old Kevin Cohee, chairman and chief executive of the merged bank, said the deal will establish a financial network and spur economic development in lower-income neighborhoods.

``It all starts with a community that's distressed,'' Cohee said. ``And it's about individuals that have been successful wanting to help these communities.''

With five branches in Los Angeles, the newly formed bank will have a total of 12 branches in the United States that will take on the name Founders Bank of Commerce.

``We are the third largest black-owned bank in the U.S.,'' Cohee said. ``And you're starting to see individuals with resources deal with the challenges we face as a people.''

Cohee, who was chairman and chief executive officer of Boston Bank of Commerce and Miami's Peoples Bank of Commerce, said the bank will continue to grow through other mergers and acquisitions.

``We're trying to create a vibrant, strong bank with a growth rate comparable to a top performing financial institution,'' Cohee said.

Kenneth T. Lombard, vice chairman of the bank, is currently president of Johnson Development Corp. and Magic Johnson Theatres, while Jheryl Busby, member of the board of directors, was the previous chairman of Founders National Bank of Los Angeles.