In Brief: Target's Investors Endorse Sale to U.S. Bancorp

Bank of Commerce said its shareholders have approved the $638 million-asset bank's acquisition by U.S. Bancorp.

The $314 million pact, announced Feb. 18, would mark Minneapolis-based U.S. Bancorp's entry into Southern California and provide it with one of the nation's top Small Business Administration lenders.

The deal is expected to close this quarter, upon final approval by the Office of the Comptroller of the Currency.

In May, U.S. Bancorp said it had a deal to buy Western Bancorp of Newport Beach, Calif. The $958 million deal, expected to close in the fourth quarter, is awaiting shareholder and regulatory approval.

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