Premier Valley Bank in Fresno plans to expand along the border of Yosemite National Park by buying a community bank for $28 million in cash.
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The $204 million-asset Premier said Friday that it would buy the $165 million-asset Yosemite Bank in Mariposa, Calif.
Premier said that it would pay Yosemite shareholders $32 for each of their shares. The shareholders would also receive a special dividend of $2.3 million before the deal closes.
The deal is expected to close in the first quarter. Yosemite would operate as a separate division of Premier.
