Carl J. Schmitt isn't one to pass up an opportunity to make a point. For Mr. Schmitt, possibly the quintessential California community banker, just about everything has a purpose, a broader meaning.

So, when he decided last week to sell University National Bank and Trust, the Palo Alto bank he rounded and built into one of the Golden State's best independent banks, he said the deal was about more than just 2.1 times book value.

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