First Community to Buy Pacific Western Bank
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First Community Bancorp said Wednesday that it has agreed to acquire Pacific Western National Bank in Brea for about $36.6 million in cash.
The Rancho Santa Fe bank holding company with $620 million in assets said it will pay $37.15 a share for Pacific Western’s stock. The deal is subject to approval of shareholders and other standard conditions.
Pacific Western, with $233 million in assets, has branches in Downey, West Covina, Whittier, Pico Rivera and Brea. The deal is expected to close in early 2002.
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