CU Bancorp Agrees to Acquire Corporate Bank

CU Bancorp, the Encino-based parent of California United Bank, said it has signed a definitive agreement to acquire Santa Ana-based Corporate Bank in a stock transaction valued at about $7.8 million.

The sale, subject to shareholder and regulatory approval, is expected to be completed in the third quarter of 1995. Corporate Bank, with branches in Santa Ana and Anaheim, reported a profit of $256,000 for 1994 and total assets of $71 million as of Dec. 31. CU Bancorp reported a $2.6-million profit for 1994 and total assets of $304 million at year-end.

Stephen G. Carpenter, chief executive of CU Bancorp, said acquisition of Corporate Bank is part of an effort to “build our strong middle-market banking franchise in Southern California.”