Bank of Los Angeles Shareholders Approve Merger With Santa Monica Bank.WEST HOLLYWOOD West Hollywood A community of southern California northeast of Beverly Hills. It is mainly residential. Population: 36,600. , Calif.--(BUSINESS WIRE)--Sept. 28, 1998--The shareholders of Bank of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. (Nasdaq:BKLA) voted to approve the pending merger of Bank of Los Angeles with Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. Bank at a special meeting of the shareholders held Sept. 23. Jack Feldman, president and chief executive officer, announced that more than the required number of shareholders of the bank approved the agreement and plan of merger, dated April 16, 1998, and amended and restated as of June 24, 1998, and July 16, 1998 (the "merger agreement"). Under the merger agreement, which has been approved by both state and federal regulators, Bank of Los Angeles will be acquired by Western Bancorp (Nasdaq:WEBC WEBC Women's Empowerment Business Center WEBC West End Bridge Club (Philadelphia, PA) ) and will be merged with and into Santa Monica Bank, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Western Bancorp. Pursuant to the merger agreement, Western Bancorp will issue 0.4224 shares of its common stock for reach outstanding share of Bank of Los Angeles common stock. Western Bancorp is a bank-holding company that owns and operates Santa Monica Bank and Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, Bank. It has also announced the execution of a definitive agreement to acquire Peninsula Bank of San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. later this year. The combined banks, including Peninsula Bank, will give Western Bancorp banking assets in excess of $2.7 billion. Feldman believes that the acquisition of Bank of Los Angeles by Western Bancorp facilitates Bank of Los Angeles' objective of being able to deliver more banking products to a wider community of customers with continued emphasis on prompt, professional customer service. This news release includes forward-looking statements that involve inherent risks and uncertainties. Bank of Los Angeles cautions readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. These factors include economic conditions and competition in the geographic and business areas in which Bank of Los Angeles operates, inflation, fluctuations in interest rates, legislation and governmental regulation, and the progress of integrating Bank of Los Angeles, Santa Monica Bank and Western Bancorp. |
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