Washington state-based Sterling Financial Bank (UNKNOWN:STSA.DL) has added a California asset to its portfolio. The lender announced that it has entered into a definitive agreement to buy Commerce National Bank, headquartered in affluent Orange County. The price is $15.10 per share in cash. All told, the value of the transaction is just shy of $43 million.

As of the end of this past March, CNB's assets totaled around $242.7 million. Its loans were roughly $146.3 million, and its deposits amounted to $211.4 million.

The deal must be approved by the boards of directors of both Sterling Financial and CNB, and it is subject to approval by the relevant regulators. Sterling Financial expects the transaction to be completed during Q3 of this year.

Fool contributor Eric Volkman has no position in Sterling Financial. Nor does the Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.