First Interstate Bancorp, Los Angeles, has agreed to acquire Austin, Tex.-based BancWest Bancorp for $35.8 million in cash, the California company announced on Thursday. The price equaled 1.5 times the Texas company's book value.

BancWest is the parent of The Bank of the West, which has six branches and $248.6 million of assets. The bank was formed in 1989 when an investor group bought assets from the Federal Deposit Insurance Corp.

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