PFF Bancorp Inc. said stockholders at a special meeting Thursday approved the bank holding company's merger with FBOP Corp., the parent of California National Bank.
Rancho Cucamonga-based PFF Bancorp, the holding company of PFF Bank & Trust, Glencrest Investment Advisors Inc., and Diversified Builder Services Inc., will become a wholly-owned subsidiary of Oak Pak, Ill.-based FBOP upon the closing.
PFF Bancorp shareholders will receive $1.35 in cash for each share of PFF common stock. With 22.63 million shares outstanding, that values the deal at more than $30.5 million
The banks expects to close the merger in the fourth quarter.
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