State and federal banking regulators are still deciding whether to approve the proposed merger of Los Angeles-based SunPac Financial with Fresno’s Security First Bank, The Fresno Bee reports. When the deal was announced earlier this year, the two companies anticipated that the Federal Deposit Insurance Corp. and the California Department of Business Oversight would approve the merger by mid-2015. The agreement has been extended to Jan. 29.

Under the terms of the agreement, shareholders of Security First Bank would receive a cash payout of $10.50 for each share, the Bee reports.