Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RANCHO SANTA FE, CA-First Community Bancorp, the locally based bank holding company, has agreed to buy Bank of Coronado, having recently inked a definitive agreement and plan of merger to purchase all of the Coronado-based bank’s outstanding common stock.

Bank of Coronado, which has $77.2 million in assets, will be acquired for roughly $11.7 million, as First Community has agreed to pay $14.15 per share in cash to the holders of the outstanding common shares and options to purchase common shares. This price represents “approximately 1.90 times Bank of Coronado’s book value at June 30, 2002,” according to a recently issued statement by First Community. The merger, which is subject to customary conditions like the approval of the Bank of Coronado shareholders, is expected close in the first quarter of 2003. Once acquired, Bank of Coronado will be merged with First National Bank, a San Diego-based wholly owned subsidiary of First Community that was purchased on Sept. 10, 2002.

First Community also recently acquired West Los Angeles-based Marathon Bancorp and Upland Bank, which had branches in Upland and Chino. When the transactions closed in August, Marathon National Bank (Marathon Bancorp’s sole subsidiary) and Upland Bank were merged with Pacific Western National Bank, First Community’s LA-based banking subsidiary.

First Community derives it income mainly from the interest received on real estate, commercial and consumer loans. On a pro forma basis with Bank of Coronado, the bank holding company would have close to $2.2 billion in assets.

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?



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.