East West Bancorp Inc. has agreed to acquire Desert Community Bank of Victorville for approximately $142 million in stock and cash, the Pasadena bank announced Tuesday.

East West will purchase about 5.9 million outstanding shares of Desert Community Bank at a price of $24 per share. Desert Community shareholders will receive 55 percent of the purchase consideration in shares of East West common stock and the rest in cash.

“We believe that the merger will generate long-term value and earnings per share growth for our shareholders,” said Dominic Ng, chief executive of East West. “Desert Community Bank is the only bank headquartered in the High Desert and has the largest market share in this region.”

The boards of both companies have approved the deal, which still needs approval by state and federal regulators once it is endorsed by Desert Community shareholders.

The acquisition is expected to boost East West’s earnings per share by about 1 cent this year and 3 cents to 4 cents in 2008.

Shares of East West rose 40 cents to close Tuesday at $39.95 on the Nasdaq.