BANKING & FINANCE - July 31, 1991
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Encino Bank in Sale Talks: Independence Bank in Encino, which regulators allege is secretly controlled by scandal-plagued Bank of Credit & Commerce International, reportedly is negotiating with two groups for the bank’s possible sale. The bank is under pressure to get new ownership both to distance itself from BCCI and to meet regulators’ demands that Independence raise its capital base. The Federal Reserve Board on May 7 ordered BCCI to sell its alleged interest in Independence, the largest bank based in the San Fernando Valley.
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