Irvine, Calif.-based NCAL Bancorp approved CBC Bancorp's plan to merge into the former by acquiring 98.3% of its outstanding shares.
Minority shareholders of NCAL Bancorp, or those holding around 1.7% of its shares, will receive a cash payment of $1.02 per share, or around $2.2 million in aggregate, if the merger becomes effective.
The merger is expected to be completed in late January 2018, subject to regulatory approvals.
CBC Bancorp applied to become a holding company through a majority stake in NCAL Bancorp in November.
NCAL Bancorp is the parent company of Commercial Bank of California, which had $800.5 million in assets as of Sept. 30.
