Pasadena-based Community Bank has reached an agreement...

Pasadena-based Community Bank has reached an agreement to acquire Bank of the Redlands for about $23 million in cash. The transaction, which is subject to regulatory and shareholder approval, is expected to be completed in the second quarter of 1989. Bank of the Redlands has assets of $166 million and six branches in the Inland Empire and high desert. Community Bank, with assets of $1.1 billion, views the purchase as a way to expand into the fast growing area, according to Kraig A. Westra, president and chief executive of Community Bank.