SAN RAFAEL, Calif. -- Westamerica Bancorp. said it signed a definitive agreement to acquire all the outstanding shares of PV Financial, the parent of Pacific Valley National Bank.

The indicated price would be $16.49 of Westamerica stock per PV share, totaling about $36 million.

PV Financial, based in Modesto, Calif., has $170 million of assets, $150 million in deposits, and four offices in Modesto and Turloc. A fifth office, in Ceres, is scheduled to open later this year.

Westamerica has $2 billion of assets and 52 branches in 11 Northern California counties.

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