Community Bancorp Inc. of Escondido, Calif., has completed its $27.9 million acquisition of Rancho Bernardo Community Bank.
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The sole branch of the $124.5 million-asset Rancho Bernardo will be merged into Community National Bank. Community now has assets of $895 million, and with the acquired branch it has 11 branches, all in San Diego and Riverside counties.
Buying the 8-year-old bank "enhances our franchise and continues our strategic expansion in the high-growth areas of San Diego and Riverside counties," said Michael J. Perdue, Community's president and chief executive, in a press release issued Monday.
Community announced the cash and stock deal April 22.
