Bank of Commerce said Monday that its purchase of Rancho Vista National Bank was approved by shareholders of both companies.
Bank of Commerce will exchange two shares of its common stock for each of Rancho Vista's 1.3 million fully diluted shares outstanding. The merger deal is expected to close this month.
Bank of Commerce, the largest independent bank based in San Diego County, would have 10 full-service offices after acquiring Rancho Vista. It also has offices in Palm Desert and Temecula, Calif.
Bank of Commerce and Rancho Vista had combined assets of $703 million on April 30.