Heritage Oaks acquisition of Mission Community Bank to be final Feb. 28
Heritage Oaks Bancorp announced that effective at the close of business on Feb. 28, 2014, it will complete its previously announced acquisition of Mission Community Bank, a subsidiary of Mission Community Bancorp, headquartered in San Luis Obispo, California.
With the completion of the acquisition, Mission Community Bank will be merged into Heritage Oaks Bank, the wholly-owned banking subsidiary of Heritage Oaks Bancorp. The combined community bank will operate under the Heritage Oaks Bank name in San Luis Obispo, Santa Barbara and Ventura counties with branches in the cities of Paso Robles, Atascadero, Templeton, San Luis Obispo, Morro Bay, Cambria, Arroyo Grande, Santa Maria and Santa Barbara and loan production offices in Goleta and Oxnard. The consolidated bank will have approximately $1.6 billion in assets at the transaction close.
“We are very excited to welcome Mission Community Bank customers, shareholders, and staff to the Heritage Oaks Bank organization,” said Simone Lagomarsino, President and CEO of Heritage Oaks Bancorp and Heritage Oaks Bank. “The teams at both banks are working together on a consolidation and integration plan that will keep the best practices of both organizations to result in an even stronger bank that is well equipped to provide the exceptional personal service that our customers have come to expect from both banks as well as competitive pricing and active involvement in the local community.”
At the merger close, all five former Mission Community Bank branch offices will remain open along with the twelve operated by Heritage Oaks. Over time, the bank will consolidate to eleven branches due to the close proximity of branches in some markets.