ARROYO GRANDE, Calif. Mid-State Bancshares has agreed to buy Americorp, the Ventura, Calif., parent of $266 million-asset American Commercial Bank, for $63.7 million in a pooling-of-interests transaction.
Americorp shareholders would receive $28.75 per share of Mid-State stock 2.5 times their companys yearend book value. Mid-States assets would rise to $1.7 billion and its branch total to 39, in San Luis Obispo, Santa Barbara, and Ventura counties.
Mid-State said its previously approved stock-repurchase program had been suspended because of the Americorp deal, which was announced Monday and is to close in the third quarter.
The buyer owns Mid-State Bank.