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California United Bank to acquire California Oaks State Bank

Posted: December 13, 2010 7:05 p.m.
Updated: December 14, 2010 4:55 a.m.

California United Bank and California Oaks State Bank announced last week that the shareholders of both banks have approved a plan to merge.

The acquisition is valued at approximately $17.3 million, with approximately half that amount being paid in cash and the balance in the form of shares of California United Bank common stock.

It is expected that the final merger will be completed by Dec. 31.


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