Community Bancorp Inc. of Escondido, Calif., has agreed to buy the $113.8 million-asset Rancho Bernardo Community Bank for $33.2 million in cash and stock.
The deal, announced Friday, would increase Community's market share in northern San Diego County. The price is about 2.88 times Rancho Bernardo's book value.
The one-branch Rancho Bernardo, which is based in the community of that name, serves mostly businesses. Community Bancorp, the holding company for the $708 million-asset Community National Bank, has 10 branches, in San Diego and southern Riverside counties.
Community would pay about $30.10 a share, about 65% in stock and 35% in cash. The deal, expected to close by the end of the third quarter, should be accretive to fourth-quarter earnings.
In October, Community bought the $113 million-asset Cuyamaca Bank in Santee for $24.7 million.
