The Federal Deposit Insurance Corp. has approved...

The Federal Deposit Insurance Corp. has approved California First Bank’s acquisition of Union Bank in Los Angeles. Approval by state banking officials, the final hurdle in closing the $750 million deal, is expected soon. The merger will create a $15 billion institution, the state’s fifth-largest bank. San Francisco-based California First, which is controlled by the Bank of Tokyo, has said the merged institution will be called Union Bank.