Heritage Oaks' acquisition of Mission Community Bank is almost complete

newsroom@thetribunenews.comFebruary 20, 2014 

Simone Lagomarsino

COURTESY PHOTO

As expected, Heritage Oaks Bancorp will complete its acquisition of Mission Community Bank on Feb. 28, giving the consolidated bank about $1.6 billion in assets, $1.3 billion in deposits, and $1.1 billion in loans.

About 65 employees of about 350 at both banks were expected to be laid off in phases, according to Simone Lagomarsino, Heritage Oaks president and chief executive officer.

"We have worked with a few other local employers who are hiring who have agreed to interview those who are being laid off," she said Thursday.

All five former Mission Community Bank branch offices and the 12 operated by Heritage Oaks will remain open for now, but this summer six will be consolidated into nearby branches because of their proximity, Heritage Oaks said. Those six are in Arroyo Grande, Atascadero, Paso Robles, San Luis Obispo and two in Santa Maria, Lagomarsino said.

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