Shinhan Sells Irvine Bank
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<i> Bloomberg News</i>
Korea’s Shinhan Bank said Wednesday that it completed the sale of Irvine-based Marine National Bank to First Security Corp. of Salt Lake City for an undisclosed price. Shinhan paid $12 million, or $9.90 a share, when it acquired Marine National three years ago.
The sale will generate as much as $20 million for Shinhan, the bank said.
Marine has branches in Irvine, Newport Beach and Orange.
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