Bank of Oakland in California has agreed to sell itself to a newly formed holding company, Innovative Bancorp, for $6.4 million.

However, the $56.4 million-asset bank would not disclose the makeup of the new company, which was formed to buy it.

"We're obligated under our contract not to reveal anything at this point in time," said Michael R. Sanford, the bank's president and chief executive officer. Innovative's owners are expected to be revealed before Bank of Oakland's next shareholders meeting, this fall.

The deal is based on a sale price of $1.96 a share and should close in the first quarter, Mr. Sanford said.

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.