Two San Gabriel Valley banks plans to merge.
Citrus State Bank of Covina and Granada Bank of Alhambra said they had signed a letter of intent to merge under the name of California State Bank. Officials of both firms said the new bank, to be headquartered in Covina, would have assets of about $110 million. The merger, which is subject to regulatory and shareholder approval, will convert common shares in the two banks into shares of the new bank at an exchange ratio to be worked out.
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