Financially troubled Santa Lucia Bancorp of Atascadero is being purchased by Mission Community Bancorp of San Luis Obispo.
The local company is backed by The Carpenter Fund, a private equity firm. Under terms of the agreement, Santa Lucia shareholders will receive 35 cents a share. As of 10:15 this morning, the stock was trading at 44 cents a share, down 7 cents. By comparison, Mission Bancorp’s stock was trading at $3.50 a share, no change.
The merger, expected to be completed in the fourth quarter, will give Mission about $460 million in assets and $400 million in deposits, according to the companies’ statement.
As of March 31, 2011, Mission had total assets of $217.6 million and total deposits of $174.7, while Santa Lucia Bancorp had assets of $246.3 million and total deposits of $230.7 million.
“Santa Lucia Bank has a long history on the California Central Coast and a complementary geographic footprint to Mission Community Bank, said Jim Lokey, chairman and chief executive officer of Mission. “The strategic opportunities presented in this transaction are very attractive for our shareholders, as we believe the merged company will better serve the communities in which they operate.”
The transaction is subject to shareholder and regulatory approval.