Landmark National Bank, based in Solana Beach, is set to officially take over La Jolla-based Legacy Bank July 15 after approval by shareholders of both banks earlier in the week.
The acquisition was announced in April and already has regulatory approvals. The deal creates a bank with combined assets of about $113 million. Legacy’s single office in downtown La Jolla will combine with Landmark’s nearby single branch. Landmark is trying to line up a tenant to sublet the Legacy space.
Conversion of Legacy’s data processing operations to Landmark’s should be completed next month.
Landmark’s is paying Legacy shareholders about 0.8 shares of its stock for each Legacy share in a deal worth about $9 million.
Ron Carlson, Landmark’s chairman and chief executive officer, is set to run the combined bank.
Legacy never filled a vacancy after former CEO Doug Sawyer resigned in April 2004.