First Community Agrees to Buy Harbor National
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First Community Bancorp, the holding company for Pacific Western National Bank and First National Bank, agreed to buy Harbor National Bank for $35.5 million in cash to add customers in Orange County.
First Community, based in Rancho Santa Fe, said it would pay about $13.28 a share for Harbor National after all outstanding stock options are cashed out.
Newport Beach-based Harbor National was founded in 1982 and had $177.9 million in assets as of Sept. 30. First Community has 32 branches and $2.4 billion in assets, First Community said.
Shares of First Community fell 21 cents to $36.75 on Nasdaq. Harbor National shares fell $1.55 to $12.95 in over-the-counter trading.
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