SANTA ROSA, Calif. -- Redwood Empire Bancorp announced Monday that it would buy Codding Bank for $6.8 million, or about 1.26 times book value, in a cash-for-stock deal.

The $620 million-asset Redwood will acquire $50 million in assets with Codding, which is based in Rohnert Park. Codding shareholders will get $12.12 for each share of Codding. Redwood expects the deal to be accretive to earnings immediately.

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