The Viejas Band of Kumeyaay Indians will become the sole owner of the Borrego Springs Bank, which specializes in services for tribes and individual Indians.
The tribe's offer to buy out the minority shareholders was accepted by the bank's board. The tribe will pay $23.7 million in cash.
The bank struggled in recent years but has reported a profit due to its tribal services division.
Get the Story:
Borrego Springs Bank Buyout OKd
(The Los Angeles Times 10/26)
pwlat
Relevant Links:
Borrego Springs Bank - http://www.borregospringsbank.com
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Viejas Band to become sole owner of bank
Tuesday, October 26, 2004
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