First Banks Inc. of St. Louis has agreed to buy International Bank of California in Los Angeles.
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The price was not disclosed.
The $8.7 billion-asset First Banks already has 48 branches in California. International has $171 million and seven branches, six in Los Angeles County and one in downtown San Francisco; it mostly caters to businesses owned by first- and second-generation Chinese immigrants.
The deal, announced Monday, is expected to close by the end of the year.
First Banks has announced two other acquisition deals this year. In January it said it would buy the $74 million-asset FBA Bancorp Inc. of Chicago; last week it announced a deal for the $50.9 million-asset Northway State Bank of Grayslake, Ill.
