Ron Burkle's Yucaipa Cos. and Wilbur Ross's WL Ross & Co. each invested $50 million in the bank, earning them a combined ownership stake of about 41%. Magic Johnson Enterprises, started by the NBA Hall of Famer to invest in urban areas, is partnering with Yucaipa. Garment union Workers United SEIU will remain the majority owner of the bank and union leaders will maintain their majority on the bank's board. The transaction has received all required approvals from regulatory authorities.
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