Central California's largest bank holding company has wasted little time revising its expansion strategy after failing to pick up any branches in the recent Wells Fargo & Co. auction.

A day after learning that the consortium it was a part of had lost in the bidding for 61 branches being divested by Wells, $1.3 billion-asset Vallicorp Holdings Inc. agreed to buy Auburn Bancorp for $12.5 million in stock.

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