Announcing its first home-state deal in three years, Wells Fargo & Co. said Thursday that it would buy North County Bancorp in Escondido, Calif., for $112 million in stock.

San Francisco-based Wells Fargo said it would pay $21 a share -- or 3.2 times book value -- for North County, which has $349 million of assets and nine branches in San Diego and Riverside counties. Wells, with $205 billion of assets, said it was attracted to North County because of its location in booming Southern California and its strong position in that market.

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