FRESNO, Calif. -- Vallicorp Holdings and Mineral King Bancorp have announced a letter of intent to merge.

Each share of Mineral King stock would be converted to 2.05 shares of Vallicorp, and Mineral King National Bank of Visalia, Calif., would be consolidated into Vallicorp's Fresno-based lead bank.

Mineral King's assets of $194 million as of Dec. 31 would bring Vallicorp to about $1 billion, and its five branches in Tulate, Kings, and Fresno Counties would bring Vallicorp to 36.

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