Federal regulators have approved the $16.3-million cash acquisition of El Camino Bancorp in Anaheim by Citizens Holdings in Costa Mesa, executives at both companies said Wednesday.
The approval set the stage for a March 15 closing, said Paige V. Simpson of Citizens Holdings, parent of Citizens Bank of Costa Mesa.
State regulators approved the merger in January, said Stanley Pawlowski, chairman of El Camino Bancorp, parent of El Camino Bank.
Because the acquisition is occurring after the Oct. 15 target date, Citizens Holdings must pay an additional amount. Pawlowski estimated that the per diem costs will propel the sale price to almost $17 million.
The merger will create one of the largest independent banking systems in Orange County, with assets of more than $220 million, according to Dec. 31 figures.