California United Bank and California Oaks State Bank on Wednesday said that they have received all regulatory approvals necessary for their previously announced merger.

The local banks announced in August that California Oaks will be merged into California United in a $17.3 million cash-and-stock deal. The deal needed a sign-off from both the Federal Deposit Insurance Corp. and the California Department of Financial Institutions.

Shareholders of Thousand Oaks-based California Oaks will receive about $11.35 per share if the transaction closes by Dec. 31 or $11.30 per share if the transaction closes after that date, in the form of stock, cash or a combination of cash and stock. The total purchase price represents a 39 percent premium over California Oaks’s market capitalization before the announcement.

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