FNB Bancorp (FNBG) in South San Francisco is expanding into the East Bay with a deal to acquire Valley Community Bank in Pleasanton.

In addition, FNB has agreed to redeem the 5,775 shares Valley issued to the Treasury Department as part of the Troubled Asset Relief Program. The shares were issued at $1,000 each and the Treasury sold them for $410 each October in an auction. FNB will redeem the shares from the unnamed investors at $750 apiece.

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