Also. . .

* Business Bancorp, the San Bernardino-based holding company that operates Business Bank of California branches in the Inland Empire, has agreed to acquire Valley Merchants Bank of Hemet for about $12.2 million in cash, the companies said. The deal values each Valley Merchants share at $22.69 per share. The transaction is subject to regulatory and shareholder approval. Adding Valley Merchants Bank’s sole branch in Hemet will bring the total number of Business Bank branch offices to eight.

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* Riverside-based Fleetwood Enterprises Inc., one of the nation’s largest builders of manufactured housing and mobile homes, has agreed to purchase 21 sales centers and related assets of Piedmont Housing Inc., which already is one of the biggest sellers of Fleetwood products. Terms of the transaction weren’t disclosed. Charlotte, N.C.-based Piedmont had 1999 revenue of about $60 million. Fleetwood’s revenue last year was $3.5 billion.

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* Cherokee Inc., the Van Nuys-based owner of the Cherokee and Sideout apparel brand names, has agreed to allow a South Korean retailer to open stores bearing its name. Terms of the deal were not disclosed. DongKwang International Co. said it will open a chain of Cherokee stores beginning next year throughout South Korea.