Rancho Santa Fe (Calif.) National Bank said it plans to buy First Community Bank of the Desert of Yucca Valley, Calif., for about $19 million, which would create a $325 million-asset holding company in Southern California.

Rancho Santa Fe said it would exchange 0.3 share of its stock for each share of First Community. The deal, announced Monday, is valued at $19.4 million, or $4.05 a share. The price is 2.4 times First Community's book value and 15.84 times its trailing earnings.

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