The buyer has exchanged $74.2 million in cash and more than 2.7 million shares of its common stock for all the outstanding preferred shares, common shares, warrants and options of First National Bank, which has $650 million in assets and seven branches scattered throughout San Diego. "The surviving bank, which will operate under the name First National Bank, now has 15 branches in the San Diego region, combined assets of over $1.1 billion and total deposits of over $875 million," according to a recently released company statement. Shareholders of First National that have chosen stock consideration in the merger will receive approximately 46% of their stock election in cash, since the shareholders voted to receive stock consideration in excess of the maximum number of shares permitted to be issued in this transaction.
Now that First Community has acquired First National, it has two wholly owned banking subsidiaries, First National Bank with 15 branches and Pacific Western National Bank with 21 branches. A $2.1-billion bank holding company, First Community derives its income mainly from the interest received on real estate, commercial and consumer loans.
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