The board of 1st Business Bank has...
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The board of 1st Business Bank has recommended unanimously that shareholders approve the acquisition of the Los Angeles bank by millionaire businessman John E. Anderson for about $89 million in cash. The transaction would make the bank a private concern owned by Anderson through his Century City holding company, Topa Equities. Along with shareholder and regulatory approval, the sale is contingent on Anderson reaching long-term employment agreements with existing bank management, which has endorsed the sale.
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