Spokane-based Sterling Financial is acquiring Commerce National Bank of Newport Beach, Calif., in a deal worth $42.9 million, the companies announced Thursday.

The acquisition, which is subject to approval by regulators and Commerce National’s shareholders, gives Sterling’s operations a boost in the Orange County market and is expected to be completed in the third quarter of 2013.

Shareholders of the California bank will receive $15.10 per share, the companies said. As of March 31, Commerce National’s assets stood at $242.7 million, while Sterling Savings Bank’s were $9.26 billion.

Sanjay Bhatt: 206-464-3103 or sbhatt@seattletimes.com On Twitter @sbhatt