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CU BANCORP SIGNS DEFINITIVE AGREEMENT TO SELL CERTAIN MORTGAGE BANKING ASSETS

 ENCINO, Calif., Oct. 25 /PRNewswire/ -- The board of directors of CU Bancorp (NASDAQ: CUBN), holding company of California United Bank, N.A., announced today that it has signed a definitive agreement with Republic Bancorp of Ann Arbor, Mich., under which that company will acquire the operating assets of CUB's mortgage banking division.
 The assets include the Bank's mortgage origination network, loan production offices, and certain other assets. The Bank will retain its mortgage servicing portfolio. Completion of the transaction is expected on or about Nov. 1, 1993. Closing is subject to certain licensing requirements and other conditions customary to agreements of this kind.
 CUB Chief Executive Officer Stephen G. Carpenter said that the price combines both immediate payments of approximately $4 million and longer term payments based on profitability of the mortgage banking operations acquired from the bank.
 The bank's mortgage banking division has six loan production offices in California, and for the nine months ended Sept. 30, 1993, funded approximately $743 million in single family mortgages.
 California United Bank offers a full range of commercial and personal banking products and services to middle market businesses and the entertainment industry from locations in Encino and Beverly Hills, Calif.
 -0- 10/25/93
 /CONTACT: Patrick Hartman, CFO of CU Bancorp, 818-907-9122/
 (CUBN)


CO: CU Bancorp ST: California IN: FIN SU: TNM

MF-JB -- LA050 -- 6619 10/25/93 19:14 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
Words:229
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