X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO, CA-First Community Bancorp has acquired San Diego-based First National Bank in a deal valued at more than $155.3 million.

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.