Two Northern California banks agreed to merge.
Shareholders of Pacific Western Bancshares, based in San Jose, and Cobanco, with headquarters in Santa Cruz, approved the merger of the two bank holding companies at special meetings. The merger, which is subject to regulatory approval, will create California’s 14th-largest domestic bank with assets of about $1 billion and 27 branches throughout Santa Clara, Santa Cruz and Monterey counties, the companies said. Pacific Western Bancshares operates Pacific Valley Bank; Cobanco is the parent of County Bank & Trust. The new entity will be known as Pacific Western Bancshares and will be headquartered in San Jose.
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