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Article: American Republic Bancorp acquires Commonwealth Thrift.
- Article from:
- PR Newswire
- Article date:
- September 30, 1987
CopyrightCOPYRIGHT 1987 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AMERICAN REPUBLIC BANCORP ACQUIRES COMMONWEALTH THRIFT
TORRANCE, Calif., Sept. 30 /PRNewswire/ -- American Republic Bancorp (NASDAQ: ARBC), parent company of Republic Bank, which has offices in Torrance, Gardena and Fullerton, Calif., has acquired Commonwealth Thrift, also of Torrance, for $4.5 million from the Federal Deposit Insurance Corp., it was announced today by John B. O'Donnell, president of American Republic.
Commonwealth Thrift had been a profitable thrift and loan subsidiary of Commonwealth Bank, which was declared insolvent by the FDIC. The thrift currently has assets of $11.8 million, capital of $3.2 million, and pre-tax profits for ...