Valencia Bank & Trust to Buy First Valley

Valencia Bank & Trust, the largest independent bank headquartered in northern Los Angeles County, plans to acquire Lancaster-based First Valley National Bank in a stock exchange agreement valued at about $6.1 million. The exchange rate will be set at the closing date of the deal. The merger, which is subject to approval by regulators and shareholders, would bring the total assets of the new bank to $185.3 million. In over-the-counter trading, Valencia shares rose $1.25 to close at $15.75, while First Valley increased $1.50 to close at $9.