Shareholders of the holding company for California Thrift and Loan voted May 17 to approve its merger with Bay View Capital Corp., San Mateo, Calif.

The merger agreement provides that shareholders of CTL Credit Inc., Santa Barbara, will get $18 per share at closing. The deal, subject to approval by federal and state regulators, is expected to close by June 30.

California Thrift and Loan, with $500 million of assets, has 17 offices in the state.

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