Continuing its expansion in Southern California, Western Bancorp said it has a deal to buy Peninsula Bank of San Diego for $114 million of stock.

Western, parent of Santa Monica Bank and Southern California Bank, said it would pay Peninsula shareholders $45.75 for each share they own. The deal, equal to 4.17 times Peninsula's book value, would expand Western's reach into southern San Diego County and boost assets to about $2.7 billion.

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