Regulators Approve Bank Merger

The merger of California Oaks State Bank into California United Bank has been authorized by the Federal Deposit Insurance Corporation and the California Department of Financial Institutions. In August, California United Bank announced plans to acquire California Oaks State Bank, for $17.3 million. The transaction would allow the Encino-based Bank to expand its foothold in the Conejo and Simi Valleys, and become one the largest banks in the San Fernando Valley. The acquisition, would be the first since CUB’s inception in 2005, and would bring the bank’s total assets to $650 million and its deposits to $530 million. The merger is still subject to approval by the shareholders of California United Bank and California Oaks State Bank. The acquisition is scheduled to close on or about Dec. 31, subject to receipt of shareholder approval.