Shareholders of California Financial Holding Co., parent of Stockton Savings Bank, have approved a merger with Dallas-based Temple-Inland Inc.
Temple-Inland, a paper, corrugated packaging, and building products manufacturer, would pay $150 million in common stock and cash for the $1.3 billion-asset thrift.
The Texas company, which also owns mortgage and consumer banking operations, is the parent of Dallas-based Guaranty Federal Bank, a $9 billion-asset thrift with 113 branches in Texas.
The transaction, subject to regulatory approval, is expected to be completed by June 30. Stockton would be merged with Guaranty.
The agreement was announced in December. It calls for California Financial shareholders to receive $30 per share in Temple-Inland stock and cash for each of their shares.
-Jonathan D. Epstein