First Community Bancorp, the Rancho Santa Fe-based parent company to First National Bank, agreed to purchase Foothill Independent Bank based in Glendora for an aggregate price of $238 million in stock and cash.
First Community has already completed two bank acquisitions this year and is on track to complete one next month. Including the Foothill deal with the pending transactions, First Community would have about $4.6 billion in assets with 59 branches. Of that, the banking firm’s Los Angeles-based subsidiary, Pacific Western Bank, would hold $3.4 billion. The remaining $1.2 billion is held at First National Bank with 13 branches in San Diego.
The latest transaction calls for First Community to exchange 0.498 shares of its stock for each share of Foothill, or $26.14 based on the most recent 15-day trading price. Stock options would be acquired in cash.
Foothill had about $794 million in total assets and 12 branches in Los Angeles, Riverside and San Bernardino counties.
The transaction, subject to approval of both banking companies’ shareholders and bank regulators, is expected to be completed by the second quarter of 2006.
First Community shares gained 79 cents Dec. 16 to $54.68, while Foothill shares increased 6 cents to $25.11 in Nasdaq trading.
, Mike Allen