FP Bancorp has a deal to buy Bank of Rancho Bernardo for $7.35 million in cash, the companies announced.

The deal is expected to be completed during the first quarter, they said.

Bank of Rancho Bernardo would be merged into FP Bancorp's principal subsidiary, First Pacific National Bank.

That would make First Pacific National one of the four largest commercial banks based in San Diego County. It would have close to $270 million of assets and operate six branches.

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