ST. LOUIS - First Banks Inc. said it has signed a definitive agreement to acquire La Cumbre Savings Bank, Santa Barbara, Calif.
Shareholders of La Cumbre, which has assets of $151 million, will receive $9 per share, subject to certain adjustments.
The deal awaits regulatory and shareholder approvals and is expected to be completed in the third quarter.
First Banks has $3.5 billion in assets and operates 96 offices in Missouri and Illinois, six in Texas, and six in California.
Officials of First Banks said the La Cumbre branches will be able to use various operational and administrative services cost effectively from First Bank locations in nearby Los Angeles and Orange counties.