In Brief: San Diego Shareholders Back Sale to Ill. Bank

Shareholders of SDNB Financial Corp. have approved the company's merger with $2.6 billion-asset FBOP Corp., Oak Park, Ill.

Under the agreement, FBOP will pay $26.6 million in cash, or $8.04 per share, for the $211.8 million-asset company, parent of San Diego National Bank.

The bank will continue as a separate entity under FBOP, with Murray Galinson remaining as chairman and chief executive officer and Robert B. Horsman as president. FBOP president Robert M. Heskett and chairman Michael E. Kelly will join the board of San Diego National Bank.

The merger is slated to close Friday.

FBOP is the parent of six financial institutions with branches in Texas, California, and Illinois. Its Naperville, Ill.-based thrift, Regency Savings Bank, has 10 branches in San Diego.

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