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Calif. regulator OKs First Choice-Pacific Commerce merger

The California Department of Business Oversight on May 25 approved Cerritos, Calif.-based First Choice Bancorp's planned acquisition of Los Angeles-based Pacific Commerce Bancorp.

First Bancorp had previously received regulatory approval for the deal from the Federal Deposit Insurance Corp. The Federal Reserve Board consequently waived the requirement for a separate application.

First Bancorp has now received all regulatory approvals and waivers in connection with the merger, but the deal remains subject to shareholder approvals and customary closing conditions.