California, Virginia banks announce mergers

Southern California Bancorp in San Diego has agreed to buy California BanCorp in Oakland. The $2.4 billion-asset Southern California said in a press release that it will pay $233.6 million in stock for the $2 billion-asset California BanCorp. The deal is expected to close in the third quarter.

National Bankshares in Blacksburg, Virginia, has agreed to buy Frontier Community Bank in Waynesboro, Virginia. The $1.6 billion-asset National Bankshares said in a press release that it will pay $17.1 million in cash and stock for the $154 million-asset Frontier. The deal is expected to close in the second quarter.

M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.

Share.