First Interstate Bancorp said it will buy San Diego Financial Corp., parent of San Diego Trust and Savings Bank, for about $340 million in stock.

The acquisition would triple Los Angeles-based First Interstate's deposit market share in San Diego to 9%. San Diego Financial has $2 billion in assets.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.