Eldorado Bancshares of Laguna Hills, Calif., said it has reached a definitive agreement to buy Antelope Valley Bank of Lancaster, Calif., for about $40 million in stock.

Eldorado said it would exchange 3.625 shares for each share of Antelope. The deal, announced Thursday, is expected to close early next year.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.