FP Bancorp Inc. and The Bank of Rancho Bernardo announce signing of definitive agreement.ESCONDIDO Escondido (ĕskəndē`dō), city (1990 pop. 108,635), San Diego co., S Calif.; inc. 1888. Located in a grain-, citrus-fruit-, and grape-growing valley, Escondido produces cereal products and has fruit-packing houses and one of the , Calif.--(BUSINESS WIRE)--Jan. 12, 1996--FP Bancorp Inc. and The Bank of Rancho ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. Bernardo Bernardo enraged that member of a rival street-gang is making advances to his sister. [Am. Musical: West Side Story] See : Anger Friday announced that they had signed a definitive agreement that will lead to the merger of The Bank of Rancho Bernardo into FP Bancorp's subsidiary, First Pacific National Bank. The transaction is expected to be completed in the first quarter of 1996. The terms of the transaction call for stockholders of RB Bancorp to receive $7.35 million in cash for the exchange of all outstanding RB Bancorp shares. If the transaction were consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. as of Dec. 31, 1995, the combined bank would have assets of approximately $269 million, deposits of approximately $241 million and loans of approximately $185 million. The bank will operate six branches and will become one of the four largest commercial banks with headquarters in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. County. ``Although negotiations took longer than either party anticipated, we both concluded that the transaction was clearly in the best interest of our stockholders,'' stated Harvey Harvey, city (1990 pop. 29,771), Cook co., NE Ill., a suburb S of Chicago; inc. 1895. Its manufactures include steel castings, metal products, chemicals, machinery, and electronic equipment. Harvey has an oil research center. The city was founded by Turlington W. L. Williamson, president and chief executive officer of FP Bancorp and First Pacific National Bank. ``The two institutions operate under very similar philosophies, and we expect a very smooth transition for both customers and employees,'' he continued. William J. Brehm Sr., chairman of the board of The Bank of Rancho Bernardo and RB Bancorp, also expressed strong support for the transaction. ``First Pacific is a very well run, locally controlled bank with strong ties to the community,'' Brehm stated. ``We're convinced that they will continue to deliver the same high quality service to which our customers are accustomed.'' CONTACT: FP Bancorp Inc. Mark N. Baker/Harvey L. Williamson, 619/739-6500 or RB Bancorp Inc. William J. Brehm Sr., 619/451-6200 |
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