Heritage Oaks Bancorp and Mission Community Bancorp plan merger

October 22, 2013

heritageMission 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.




  1. FineWine says:

    The small bank is disappearing. The business model just doesn’t work in this regulatory and interest rate environment. The big banks have whole departments working in compliance. The small banks don’t have those resources. This is what obama wants. He can control a handful of large banks better than thousands of small banks or they just contribute better to his campaign.

    (1) 1 Total Votes - 1 up - 0 down
    • OnTheOtherHand says:

      I don’t know if you are right about the reason big banks are more likely to survive but I think you’re wrong about Obama. In fact I think that the big banks control him not vice versa. He probably is doing their bidding in making life more difficult for small banks.

      (1) 1 Total Votes - 1 up - 0 down
  2. ironyman2000 says:

    I moved to L.A. some time ago and continue to use HOB because they have always done me
    right. The same with my mother before me. This goes back some years now. This person
    will not be found bashing HOB unless there becomes some real reason to do so. Not
    because some inane jerk doesn’t like Dee Lacy because she’s a Democrat.

    (-3) 3 Total Votes - 0 up - 3 down
    • danika says:

      I had an account at HOB and I fired them. That is why they won’t get my business now.

      (-2) 4 Total Votes - 1 up - 3 down
  3. danika says:

    I have all of my business and personal accounts with MCB from the SNLB merger. I am tired of my money being “merged”. I will be changing to a bank of my choice, not theirs.

    (10) 10 Total Votes - 10 up - 0 down
    • unlisted says:

      Take a look at CoastHills and SESLOC. I’ve been happy with both.

      (2) 2 Total Votes - 2 up - 0 down
      • danika says:

        Thanks for the info, Unlisted.

        We actually went to CH prior to SLNB and, because of the nature of our business, we cannot have an account that gives interest. CH did not have this in there biz checking accounts. We thought of SESLOC but fear we will have the same problem there.

        (1) 1 Total Votes - 1 up - 0 down
        • OnTheOtherHand says:

          Coast Hills requires that you have a member savings account which provides interest (minimal) but you can do your business through them with a no-interest checking account and just keep a minimum balance ($100?) in the savings acct. I suspect that SESLOC does the same but it wouldn’t hurt to check.

          You should also consider Rabobank. While they are an international operation (based out of Holland), they have a good reputation and I haven’t heard of any real problems with them. Their policies are slightly more favorable to customers than the big US banks and their local branch managers have somewhat more autonomy in making decisions and correcting problems. They kept much of the staff when they absorbed Mid State Bank and are more consistently helpful than the mega-banks as a result.

          (0) 4 Total Votes - 2 up - 2 down
          • danika says:

            An insurance agency cannot gain interest on monies in trust accounts. When we went to CH, they told us they could not accommodate our needs because of this.

            Thanks for the info on Rabobank.

            (1) 1 Total Votes - 1 up - 0 down
  4. Turquoise says:

    Rats. I recently moved my accounts to Mission, thinking it was a good bank with a good track record of working with small businessowners. I wasn’t told of the potential merger or I would not have chosen Mission. Heritage Oaks has at least two fairly recent fraud charges, and I specifically rejected that bank when I was searching for a new bank. Now I will have to find another bank, because I want nothing to do with a financial institution tainted by fraudulent activity. CCN, are any of those people associated with Gearheart, Hurst, Yaguda et al still working at Heritage Oaks Bank? Dee Lacey for example.

    (8) 14 Total Votes - 11 up - 3 down
  5. r0y says:

    I wonder who they’re hoping will gobble them up: BofA…? Wells…? Citi…? Chase…?

    I would be surprised if they make it into 2015 without getting taken over / bought up.

    (4) 4 Total Votes - 4 up - 0 down

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