California's Mid-State Bancshares has a deal to buy City Commerce Bank in Santa Barbara, Calif., for $40 million in stock-2.3 times City Commerce's book value and 20.26 times its earnings.

Mid-State, based in Arroyo Grande, has $1.2 billion of assets and 28 branches. If the deal with $154 million-asset City Commerce is completed, the company would operate 32 branches in three California counties.

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