X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RANCHO SANTA FE, CA-First Community Bancorp has acquired two Southland banks in separate transactions worth more than $42 million combined.

In the larger of the two deals, First Community has exchanged 537,793 shares of its common stock and $6.82 million in cash for all of the outstanding common shares and options of Marathon Bancorp. The newly acquired asset is the holding company of Marathon National Bank, a single-branch community bank based in West Los Angeles. The transaction is valued at more than $22 million.

In the second acquisition, which is valued at more than $19 million, First Community has paid $6.72 million in cash and 419,118 shares of its common stock for all of the outstanding options and common shares of Upland Bank, a community bank in Upland and Chino.

First Community has merged the recent acquisitions with Pacific Western National Bank, it wholly-owned banking subsidiary that now has 21 branches spread throughout Orange, Los Angeles, Riverside and San Bernardino counties. A $1.4-billion bank holding company, First Community derives it income mainly from the interest received on real estate, commercial and consumer loans.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.