Oakland, Calif.-based CivicBank of Commerce said late Monday that it would buy East County Bank of Antioch, Calif., for $14.6 million in cash.

CivicBank said it would pay East County shareholders $23.96 a share, or 2.4 times the bank's book value. The deal would be accounted for as a purchase.

East County, founded in 1986, has $79 million of assets and three branches. The deal would create a $454 million-asset company with 11 branches spread across four counties in the San Francisco Bay area. The transaction is expected to close early next year.

-- Matt Andrejczak

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