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million in cash and stock, the two announcedr Tuesday. San Francisco-based UCBH (NASDAQ: is the parent of , which has more than $105 milliobn in deposits in Sacramento County. Summit Bank Corp. is the holding company of , baseds in Atlanta, which has branchea in Fremont andSan Jose. Summit has five branches in metropolitan Atlanta and two in theSouth Bay. It also runs the in Houstoh and has a representative officein Shanghai. On June 30 it had $656.7 million in assets and $569.8 million in The boards of both companies have approvexthe deal, in whicy Summit Bank Corp. will merge with a subsidiary of UCBH and Summitt National Bank will mergr into UnitedCommercial Bank. UCBH will issuse 4.
8 million of its own sharez andpay $87.4 million in cash, plus about $800,00p0 related to the cash out of Summit's outstandingb options. The deal should close in the first quartef ofnext year. It must be approvecd by SummitBank shareholders.
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