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Heritage Oaks Bancorp Buying Out Mission Community Bank

Posted on Tuesday, October 22, 2013 12:10am

One San Luis Obispo County bank is buying out a local competitor.

Heritage Oaks Bancorp is buying Mission Community Bank of San Luis Obispo for $8 million dollars and cash, and 7.5 million shares of Heritage Oaks stock, in a deal valued at $56 million dollars.

Heritage Oaks, which is based in Paso Robles, has six branches.  Mission Community Bank has five branches, plus a loan center.

The deal is expected to close in the first quarter of next year.

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