First Interstate's acquisition of Cal Rep.

LOS ANGELES - First Interstate Bancorp said its acquisition of Cal Rep Bancorp and Cal Rep's California Republican Bank unit was expected to be completed this past Friday.

First Interstate said it would trade about 1.2 million common shares valued at $68 million, for 2,745,833 outstanding shares in Cal Rep.

The purchase price, dated to March 31, was 1.56 times book value.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER