First California Bank in Camarillo is buying South Coast Bancorp Inc. in Irvine, Calif., for $36 million in cash - about two times book value.
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The deal, announced Tuesday, would bring the $284 million-asset First California, whose branches are all in Ventura County, into Orange County. South Coast, which has $147 million, has two branches there and loan production offices in San Diego and Los Angeles counties.
The banks were both founded in the late 1970s. First California said it plans to form a holding company in connection with the sale, which is expected to close in the second quarter.
