Time ran out on the planned merger...

Time ran out on the planned merger of Valley National Bank in Glendale with the Italian parent of First Los Angeles Bank because approval was delayed by Italy’s central bank. Clarence C. Jones, chairman of the Valley National board, said the bank will continue to negotiate with Instituto Bancario San Paolo di Torino of Turin, Italy, and he expects the $46.7-million deal to be completed. Valley National’s board, however, refused to grant the Italian bank a three-month extension. Valley National, with assets of $235 million, operates branches in Glendale, Montrose, Burbank, Van Nuys, Toluca Lake and Eagle Rock.