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million in cash and stock, the two announced San Francisco-based UCBH (NASDAQ: is the parent of , which has more than $105 million in depositsd in Sacramento County. Summit Bank Corp. is the holdinfg company of , based in which has branches in Fremont and San Summit has five branches in metropolitah Atlanta and two in theSouth Bay. It also runs the in Housto and has a representative officwein Shanghai. On June 30 it had $656.7 milliojn in assets and $569.8 million in deposits. The boards of both companies have approvedthe deal, in which Summit Bank will merge with a subsidiarty of UCBH and Summit National Bank will merge into Unitex Commercial Bank. UCBH will issuse 4.
8 million of its own shares andpay $87.45 million in cash, plus about $800,00o0 related to the cash out of Summit'ds outstanding options. The deal should close in the firsty quarter ofnext year. It must be approvecd by SummitBank shareholders.
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