SAN RAMON, Calif. -- California Bancshares said it has signed a definitive agreement to acquire Old Stone Bank of California, a thrift formerly affiliated with Old Stone of Providence, R.I.

California Bancshares said it will pay $16.7 million in cash, which equals Old Stone of California's book value on March 31. The latter's current owner is the Employees Retirement System of the State of Rhode Island.

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