Highland Bancorp Agrees to Merge With Jackson Federal
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Highland Bancorp of Burbank announced it has agreed to merge with Jackson Federal Bank of San Bernardino. Highland and its subsidiary, Highland Federal Bank, will be acquired by Jackson for $25.45 in cash per share of Highland stock.
Jackson Federal Bank is a wholly owned subsidiary of Jackson National Life Insurance Co. in Lansing, Mich.
Highland reported net earnings for the first quarter ended March 31 of $2.9 million compared to net earnings for the same period last year of $2.45 million. The bank’s total assets as of March 31 were $667.2 million.
Highland Bancorp is the holding company for Highland Federal Bank, a 32-year-old federal savings bank with seven retail branches in Southern California.
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