H-CENTRAL COAST

Oct 21, 2013 11:18 PM by KSBY Staff

Heritage Oaks Bank to purchase Mission Community Bank

Two Central Coast banks are merging.

A statement released Monday says Heritage Oaks Bankcorp will purchase Mission Community Bank for $8 million in cash and $7.5 million in Heritage Oaks stock, totaling more than $56 million.

They say the new organization will have $1.5 billion in assets.

It will make them the largest community bank headquartered on the Central Coast.

The new organization will keep the Heritage Oaks Bank name.

The deal still has to get regulatory and shareholder approval.

The merger is expected to close in February 2014.

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