Shareholders of California United Bank and Premier Commercial Bancorp approved a merger of the two financial institutions.

The transaction between Encino-based California United and Premier, in Orange County, was priced at $38.2 million.

The merger was winning combination for both banks and respective customers, said California United President and CEO David Rainer.

“We are delighted to welcome Premier Commercial Bank's customers to a broader branch network and a more robust offering of combined technologies and services,” Rainer said in a prepared statement.

California United had assets of $868 million as of March 31 and serves its customers at eight locations.

Premier Commercial, founded in 2001, had assets of $564 million as of March 31. The bank has offices in Anaheim and Newport Beach/Irvine.

Mark R. Madler