Community Bank in Los Angeles said it...

Community Bank in Los Angeles said it plans to acquire Pasadena First National Bank in a cash deal and move its headquarters to Pasadena. Community will pay about $4 million. Community Bank, with $1 billion in assets, serves primarily small- and medium-sized businesses at 11 branches in Southern California. Pasadena First, with assets of $35 million, has two offices and its customers tend to be high-income professionals and small businesses. The merger is expected to close late this year, but Community Bank said its move to Pasadena, which had been planned independent of the deal, will take place in August.