Highland Bancorp Agrees to Merge With Jackson Federal

Highland Bancorp of Burbank announced it has agreed to merge with Jackson Federal Bank of San Bernardino. Highland and its subsidiary, Highland Federal Bank, will be acquired by Jackson for $25.45 in cash per share of Highland stock.

Jackson Federal Bank is a wholly owned subsidiary of Jackson National Life Insurance Co. in Lansing, Mich.

Highland reported net earnings for the first quarter ended March 31 of $2.9 million compared to net earnings for the same period last year of $2.45 million. The bank’s total assets as of March 31 were $667.2 million.

Highland Bancorp is the holding company for Highland Federal Bank, a 32-year-old federal savings bank with seven retail branches in Southern California.