Merger Would Create Top O.C. Community Bank

Monarch Bancorp said it agreed to acquire California Commercial Bankshares, making it the largest community bank company based in Orange County.

Monarch said it will issue eight shares for each California Commercial share. The transaction would be worth about $18.50 a share based on Monarch’s closing price of $2.31, down 31 cents. California Commercial stock closed at $9.69 per share, up 44 cents.

The companies said they will continue to operate under their current names and management will stay in place. The banks would have combined assets of $840 million, based on figures from Sept. 30.