Greater Bay Bancorp. said Thursday that it would buy Danville, Calif.-based Mount Diablo Bancshares for about $47 million in stock, continuing a spree of community bank acquisitions in northern California.

Greater Bay, which operates five community banks with a combined $2.1 billion of assets, would exchange just under one share for each share of Mount Diablo stock.

Mount Diablo, with $200 million of assets, is the parent of seven-year-old Mount Diablo National Bank. -- Alan Kline

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