California-based CVB Financial (CVBF), the parent of Citizens Business Bank, has secured shareholder and regulatory approvals to acquire local lender Valley Commerce Bancorp, the parent of Valley Business Bank.

Valley Business Bank offers commercial banking services and has its headquarters and two branch offices in Tulare County and one branch in Fresno County.

Citizens Business Bank offers a range of banking, lending and investing services through 42 business financial centres, 8 commercial banking centres, and three trust office locations across the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central Valley area of California.

Under the arrangement, Valley Commerce Bancorp will merge into CVBF, after which subsidiaries Valley Business Bank will merge into Citizens Business Bank.

The $70.3m transaction, announced last September, is expected to be completed on or about 10 March 2017.