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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.

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