The bank of the stars in glitzy Beverly Hills intends to buy a nearby bank for $82 million in cash.

The $2.8 billion-asset City National Corp. agreed last week to acquire First Los Angeles Bank from an Italian holding company for a cheap 1.1 times book value. The price was so low - the market average has been around 1.7 times book - because First Los Angeles has been suffering of late, analysts said.

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