Heritage Oaks Bancorp and Mission Community Bancorp plan merger
October 22, 2013
Mission Community Bank and Heritage Oaks Bank announced on Monday plans to merge, which could create the largest community bank headquartered on the Central Coast.
Heritage Oaks Bancorp is purchasing Mission Community Bancorp for approximately $56.4 million. After the merger, Heritage Oaks Bank will have approximately $1.5 billion in assets.
The agreement requires shareholder and regulatory approvals, and the merger is anticipated to close in February 2014.
Mission Community Bank, founded in 1997, is headquartered in San Luis Obispo and currently has five branch locations from Paso Robles to Santa Maria and a loan production office in Ventura County. Paso Robles-headquartered Heritage Oaks Bank is celebrating its thirtieth anniversary in 2013 and has operations along the Central Coast from Paso Robles into Ventura County.