Bank of O.C. Purchase

California Financial Bancorp said Wednesday it has agreed to acquire Bank of Orange County in Fountain Valley for $38 per share, or a total of $14.9 million in cash.

California Financial, a Newport Beach-based holding company, has been on an expansion spree. Earlier this month, the company said it plans to acquire Downey National Bank in Downey. California Financial is majority owner of Security First Bank of Fullerton and will be majority owner of National Business Bank, which is opening soon in Torrance.

Bank of Orange County, which also has branches in Orange and Mission Viejo, will become a wholly owned subsidiary of California Financial after the deal is completed.