Two San Gabriel Valley banks agreed to merge.
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California State Bank, based in Covina, signed a letter of intent to acquire Pasadena First National Bank, creating a bank with six offices and assets of about $190 million. The Pasadena bank has suffered more than $1 million in losses during the past two years, and the merger will assure its future, according to Thomas A. Bishop, chairman and chief executive of California State Bank. The resulting bank will have branches in Pasadena, Covina, West Covina, Alhambra and Beaumont.
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