FNB Bancorp in South San Francisco, Calif., has acquired America California Bank in San Francisco.

The $1 billion-asset FNB paid $21.5 million in cash for America California. Shareholders of the $127 million-asset America California received $10.60 per share. The deal closed on Friday.

FNB, the holding company for First National Bank of Northern California, in November was outbid in its attempt to acquire Valley Community Bank in Pleasanton, Calif. Bay Commercial Bank in Walnut Creek, Calif., made the higher offer after FNB's offer drew objection from an FNB shareholder.

FNB in May announced its agreement to buy America California.

America California operated one branch in San Francisco. FNB operates 12 branches in San Francisco and Silicon Valley.

Western Financial was the financial adviser for FNB, and Dodd Mason George was its legal counsel. FIG Partners advised America California, and Sheppard Mullin Richter & Hampton was its legal counsel.

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