SAN DIEGO -- First National Corp. said its subsidiary, FN Financial Services Inc., has filed with the Securities and Exchange Commission a proposed initial public offering of 3.5 million shares of stock.

First National said that 600,000 of the common shares are being registered on behalf of FN Financial Services and 2.9 million on behalf of another subsidiary, First National Bank of San Diego, whoch has $600 million in assets.

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