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ELDORADO TO ACQUIRE A.V. BANK; EIGHT LOCAL BRANCHES WON'T CHANGE NAME.

Byline: Jim Skeen Daily News Staff Writer

A Laguna Hills-based bank will acquire locally owned Antelope Valley Bank, officials from both banks said Wednesday.

The acquisition by Eldorado Bancshares Inc. will let Antelope Valley Bank's eight branches keep the Antelope Valley name but expand their loan capacity and, with Eldorado's 17 branches, offer greater opportunities to use ATMs, said Jack Seefus, president and chief executive officer of Antelope Valley Bank.

``Antelope Valley Bank is going to stay Antelope Valley Bank and Eldorado Bank is going to stay Eldorado Bank,'' Seefus said. ``I'm still going to be the president of Antelope Valley Bank. There's not going to be many changes.''

Under the terms of the agreement, each share of Antelope Valley Bank stock will be exchanged for 3.625 shares of Eldorado's common stock.

Robert Keller will continue to serve as CEO of Eldorado Bancshares and will become chairman of Antelope Valley Bank's board of directors. Seefus will remain as president of Antelope Valley Bank.

The transaction, which is expected to be completed in early 1999, still must be approved by stockholders and state and federal regulators. All of Antelope Valley Bank's board of directors, who own more than 30 percent of the bank's stock, have agreed, officials said.

When the transaction is complete, Eldorado will have total assets of $1.2 billion.

``Eldorado Bancshares Inc. is delighted with the proposed affiliation with Antelope Valley Bank,'' Keller said in a statement announcing the agreement. ``We believe the association will add strength to both parties. Antelope Valley Bank will retain its local identity, with local board and management, and be able to call upon a larger organization for additional support and expertise.''

The transaction will be accounted for as a pooling.
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Publication:Daily News (Los Angeles, CA)
Date:Sep 17, 1998
Words:289
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