San Francisco's BankAmerica Corp., reaching to extend its mortgage business from coast to coast, will buy Arbor National Holdings for about $118 million in stock, or $16.35 a share.

That figure provided a nasty shock to holders of Arbor securities, which closed Friday at $20.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.