California United Bank in Encino and California Oaks State Bank said their shareholders have approved the agreement in which California United would buy the Thousand Oaks bank.

The $589.8 million-asset California United announced the cash and stock deal, valued at $17.3 million, on Aug. 24. About half that amount is in cash while the other half is an exchange for California United stock at $11.35 per share to California Oaks shareholders if the deal closes by Dec. 31.

If it does not, the rate drops to $11.30 per share paid in the form of cash, stock or both.

Both banks received regulatory approval in late November. They said Friday that they still expected to close the deal by Dec. 31.

California Oaks State Bank has assets of $137.5 million.

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