First General Bank and the parent of American Premier Bank on Wednesday said they signed a definitive merger agreement. First General will be the surviving bank.

First General is based in Rowland Heights, with branches in Arcadia and San Gabriel. American Premier Bancorp is the parent of American Premier Bank and is based in Arcadia.

Under the agreement, American Premier shareholders would exchange their shares for First General shares although they may get cash up to a limit, the companies said. The boards of both banks unanimously approved the transaction, which is subject to regulatory and shareholder approval.

The banks did not provide a value for the deal, nor what American Premier shareholders might be paid if they opted for cash over stock.

First General Bank, founded in 2005, had total assets of approximately $210 million as of June 30. American Premier Bank, founded in 2003, has $106 million in assets.

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