Zions Bancorp. said it received regulatory approval last week to buy Sumitomo Bank of California.

The companies signed a merger agreement March 25. Sumitomo shareholders approved it July 28, and the deal is expected to close Oct. 1.

Zions plans to merge Sumitomo with Grossmont Bank, its California subsidiary. The combined company, to be called California Bank and Trust, would be the fifth-largest commercial bank in the state.

Zions operates in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Utah, and Washington.

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