Crocker and Midland completed their merger.

The San Francisco and London banks filed legal documents sealing the combination, which was approved by shareholders of the two firms. They also announced terms of a new issue of Crocker adjustable-rate preferred stock that will be exchanged for the bank’s current common shares. The initial quarterly dividend, payable Aug. 15, will be at an annual rate of 11.5%. Subsequent dividends will be indexed to several U.S. Treasury securities.