Spotlight: Mellon to Increase Presence in Southland
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Mellon Bank Corp. agreed to buy First Business Bank of Los Angeles for an undisclosed amount in stock as the Pittsburgh-based bank increases its business banking presence in Southern California. The agreement gives the 23rd-largest U.S. bank a business that sells bank and trust services to 1,700 companies in the Los Angeles area. First Business has $1.1 billion in assets and 200 employees at five regional offices. The transaction is expected to close in the third quarter.
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