California United Bank on Monday said that it completed the acquisition of California Oaks State Bank in a deal valued at about $17.2 million.

California Oaks’ two branches in Thousand Oaks and Simi Valley will now operate branches of California United Bank.

California Oaks shareholders will receive the equivalent of $11.35 per share, half in cash and the rest in California United stock, at a rate of about 0.928 of a share for each share of California Oaks stock.

Upon completion, Encino-based California United will add more than $650 million in assets and $530 million in deposits. The transaction is expected to be immediately accretive to earnings per share this year, it said.