Shareholders of California Financial Holding Co., parent of Stockton Savings Bank, have approved its sale to Dallas-based Temple-Inland Inc.
Temple-Inland, a paper, corrugated packaging, and building products manufacturer, is paying $150 million in common stock and cash for the $1.3 billion-asset thrift.
The Texas company also owns mortgage and consumer banking operations, including Dallas-based Guaranty Federal Bank, a $9 billion-asset thrift with 113 branches in Texas.
About 84% of votes cast, representing 61% of outstanding shares, approved the transaction.
The transaction, subject to regulatory approval, is expected to be completed by June 30. Stockton would be merged with Guaranty.
The agreement announced in December calls for California Financial shareholders to receive $30 per share in cash and Temple-Inland stock for each of their shares. Each California Financial shareholder could choose stock, cash, or a combination, but Temple-Inland would issue no more than 1.692 million shares.