Looking to diversify as the economy in its home state remains sluggish, Bancorp Hawaii said on Tuesday it plans to buy a California community bank in a stock transaction valued at $183 million.

The deal, at 1.98 times CU Bancorp's book value, would be Bancorp Hawaii's largest acquisition to date and would create a launching pad for further West Coast acquisitions.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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