Vallicorp Makes Deal For Pacific Bancorp.
FRESNO, Calif. -- Vallicorp Holdings Inc. said it has agreed to acquire Pacific Bancorp., the parent of Community First Bank of Bakersfield, in an exchange of common stock.
Vallicorp, which owns Bank of Fresno, said it would exchange 0.85 share of its stock for each share of Pacific Bancorp. The indicated value of the transaction, at $6.80 per Pacific common share, equals $9.2 million.
The resulting company would have $622 million in assets. Vallicorp said it expected to complete the purchase by mid-1992.