BANKING
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From Times Staff and Wire Reports
Banks Call Off Merger: GBC Bankcorp and First Public Savings Bank said they have terminated plans to merge because the Federal Reserve Board had discouraged GBC, the parent of General Bank of Los Angeles, from pursuing the deal. The companies said the Fed advised GBC to “focus its management and financial resources” on General Bank. First Public has a primarily Cantonese-speaking clientele, while GBC’s customer base consists mainly of Taiwanese immigrants who speak the Fujian dialect.
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