Valley National of Arizona bought a Fresno bank.

Arizona's largest bank said it has signed a letter of intent to acquire California Valley Bank, a small, troubled bank based in Fresno. Under terms of the proposed agreement, Valley National will infuse about $1.7 million in new capital into California Valley, which has assets of $66.4 million. Valley National, based in Phoenix and with offices throughout Arizona, has assets of $10.3 billion.

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