First Community to Buy Glendora Bank
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First Community Bancorp has agreed to buy Foothill Independent Bancorp for $238 million in stock and cash, gaining a bank with $794 million in assets.
Shareholders of Glendora-based Foothill would receive about half a share of First Community stock, getting about $26.14, for each Foothill share, First Community said Thursday. Owners of Foothill stock options would receive cash for their unexercised options, Rancho Santa Fe-based First Community said.
The acquisition requires shareholder and regulatory approval.
Once completed, Foothill is likely to be merged into Pacific Western National Bank, a Los Angeles-based wholly owned subsidiary of First Community.
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