PBB Bancorp, the holding company of Premier Business Bank, announced late last week that it has received regulatory to buy First Mountain Bank of the Big Bear area.

Under the terms of the deal, each share of First Mountain Bank will be exchanged for $1.05 in cash and one share of PBB Bancorp common stock. The total value of the acquisition is approximately $13.4 million.

“As our first merger transaction, I look forward to the future benefits for our combined customers, shareholders, and employees, as the bank continues to grow,” said David Lake, chairman of Premier Business Bank.

Premier Business Bank currently operates full-service banking offices in Los Angeles and Palos Verdes and will acquire the three full-service banking offices and single a loan production office of First Mountain Bank. After the merger, the combined bank will have total assets in excess of $400 million.

Last week, PBB Bancorp reported that income for the nine months ending Sept. 30 increased by 344 percent from the same period last year.