1st Pacific Bancorp in San Diego has made a deal — its first — to buy the $125 million-asset Landmark National Bank in Solana Beach, Calif., for about $24.6 million in cash and stock.
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Formed in 2000, the $318 million-asset 1st Pacific said late Thursday that it was buying Landmark National to increase its operations in north San Diego County, and to increase its asset size in order to have higher lending limits.
Landmark National's shareholders would receive either $12.45 in cash or 0.778125 shares of 1st Pacific stock for each of their shares. The deal is expected to close in the late second quarter or early third quarter.
