THOUSAND OAKS, Calif. - First State Bank of the Oaks said its shareholders approved the company's proposed merger with First Interstate Bancorp.

The companies had agreed in August to the merger, which is valued at about $23 million.

First State Bank of the Oaks said it expects the transaction to close in the first quarter of 1994.

First State Bank of the Oaks has about $144 million of assets.

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