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First Community Acquires 2 Southland Banks

RANCHO SANTA FE, CA-The locally-based bank holding company, which derives its income partly from interest received on real estate loans, acquires Upland Bank and Marathon Bancorp in two separate transactions worth more than $42 million combined.

By Erin Cassin | Updated on August 28, 2002

RANCHO SANTA FE, CA-First Community Bancorp has acquired two Southland banks in separate transactions worth more than $42 million combined.

In the larger of the two deals, First Community has exchanged 537,793 shares of its common stock and $6.82 million in cash for all of the outstanding common shares and options of Marathon Bancorp. The newly acquired asset is the holding company of Marathon National Bank, a single-branch community bank based in West Los Angeles. The transaction is valued at more than $22 million.

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