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* The Federal Reserve said it had approved L.A.-based Cathay Bancorp Inc.’s acquisition of local rival GBC Bancorp Inc., owner of General Bank. The cash-and-stock deal is valued at about $480 million. Cathay shares rose 65 cents to $47.52 on Nasdaq.

* Gilead Sciences Inc., the third-biggest U.S. biotechnology company by market value, completed the purchase of its Foster City, Calif., office campus from Equity Office Properties Trust for $123 million.