SANTA ROSA, Calif. -- National Bank of the Redwoods completed the acquisition of Codding Bank, a commercial bank headquartered in Rohnert Park, Calif., in a cash for stock transaction.

Shareholders of Codding will receive $12.12 for each share of Codding Bank, or approximately 1.26 times Codding Bank's book value per share at March 31, 1994. The total purchase price of the transaction is estimated to be $6.8 million.

National Bank of the Redwoods is the commercial bank subisidary of Redwood Empire Bancorp.

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