ENCINITAS, Calif. -- SDN Bancorp, holding company for San Dieguito National Bank, has signed a stock purchase agreement with BDP Inc.

Under the agreement, BDP Inc. will acquire $5 million of new SDN Bancorp stock at $1 a share. It is anticipated that the transaction will be completed in October 1994. The stock purchase agreement is subject to a number of conditions, including the approval of the Federal Reserve Bank.

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