U.S. Bancorp struck its third deal this year for a Southern California bank Thursday, saying it would buy Peninsula Bank of San Diego for $104 million in stock.

The $77 billion-asset Minneapolis banking company would pay 3.35 times Peninsula's book value and 21 times its trailing 12-month earnings. U.S. Bancorp president Philip Heasley said the deal for $456 million-asset Peninsula would give the company a strong foothold in a market where "there is no clear banking leadership."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.