California United Bank to acquire Thousand Oaks business lender

California United Bank, a 5-year-old community bank based in Encino, said Wednesday it would expand its Ventura County operations by acquiring business lender California Oaks State Bank of Thousand Oaks.

Under the $17-million deal, shareholders of 12-year-old California Oaks would receive $11.35 a share, half in cash and half in stock. The transaction is expected to close in the fourth quarter, pending approval by regulators.

Shares of thinly traded California Oaks soared $4, or 67%, to $10 in over-the-counter trading. California United, also traded over the counter, edged down 10 cents to $10.95.

The combination would give California United a total of $650 million in loans and other assets and $530 million in deposits. The bank would have full-service branches in Encino, Valencia, Los Angeles, Gardena, Thousand Oaks and Simi Valley, along with loan-production offices in Glendale, Irvine and Walnut Creek.

scott.reckard@latimes.com