Bank acquisition.
Bank Acquisition: Beverly Beverly, city (1990 pop. 38,195), Essex co., NE Mass., on Massachusetts Bay; inc. as a city 1894. Its chief manufactures are electronic and scientific equipment, consumer goods, and chemicals. Hills-based City National Corp., parent company of City National Bank, acquired Las Vegas-based Business Bank Corp. in a $161 million cash and stock transaction. Business Bank of Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). was founded in 1995 and operates seven branch offices around the state including four in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , and one in Reno, Carson City Carson City, city (1990 pop. 40,443), state capital, W Nev., in the Eagle valley; inc. 1875. The city is a trade center for a mining and agricultural area. State government is the major employer, and tourism is economically important. , and Minden. At the end of September 2006, Business Bank of Nevada had $489.7 million in assets. The boards of both companies approved the acquisition unanimously. The deal will close in the first quarter of 2007.
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