The takeover drama at Business and Professional Bank appears to be finally coming to a close.
At a special meeting last Wednesday, shareholders of the $210 million- asset bank approved sale to Portland, Ore.-based U.S. Bancorp. And on Monday, the Federal Deposit Insurance Corp. gave its approval - more than two months after a proxy blunder nearly spelled doom for the merger.
The two banks had renewed the deal March 26.
In sending out proxy materials to shareholders in January, Business and Professional inadvertently included a confidential problem loan list. The mistake proved a public relations nightmare and created legal liabilities for Business and Professional.
U.S. Bancorp threatened to call off the deal two weeks later, and Business and Professional officials spent the next month responding to the larger bank's concerns and settling with the 76 customers on the loan list.
The bank has already reached settlements with 49 customers involving cash payments or adjustments to their loans. Any future complaints will be referred to the bank's insurance company.
U.S. Bancorp is itself being acquired-by First Bank System Inc., Minneapolis.