Monday, June 18, 2007

Business First & Heritage Oaks Merge

On May 29th Business First Bank and Heritage Oaks Bancorp. entered in to an agreement that would combine the 2 banks with Heritage Oaks paying 20.6 million in stock and cash for Business First. Heritage Oaks will pick up 2 branches in Santa Barbara that will remain Business First operating under the Heritage Oaks umbrella. Joanne Funari will remain the president of Business First. This transaction is subject to the usual approvals and due diligence and is expected to close in the 3rd quarter of 2007. Good Luck Joanne and team! Both of these organizations do real estate lending and it would make sense this would help there coverage in the county in this market.

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