ENCINO, Calif. -- CU Bancorp, the holding company of California United Bank, is planning to buy Redondo Beachbased. Bay Cities National Bank.
The price was not disclosed. The acquisition would be CU's first since pulling out of a spiral in 1993. Deeply in the red in 1992, it jettisoned bad assets, restructured operations, and posted a profit at yearend 1993.