Yep, more Mark McGuire. After talking last week about his side project with Trouble Books and previewing the first track from his forthcoming LP Get Lost, I am going back to the well again. This time it is a collaborative LP with Julian Gulyas under the The Amazing Births moniker. Check out the ambient, fuzzy track “Younger Moon,” which is nearly 12 minutes of synth wandering that features bits and pieces of tracks from the LP. Ranging from the stoic and sublime to the more commanding, it definitely has me excited to hear the whole record.
Rancho Santa Fe, Calif.-Based First Community to Buy Bank of Coronado.
Knight Ridder/Tribune Business News September 21, 2002 By Dean Calbreath, The San Diego Union-Tribune Knight Ridder/Tribune Business News Sep. 21–Continuing its spree of buying local banks, First Community Bancorp yesterday signed a deal to pay $11.7 million for Bank of Coronado.
First Community is paying $14.15 a share for the bank, a healthy premium over Bank of Coronado’s current stock price.
In heavy trading yesterday, Bank of Coronado shares jumped nearly 13 percent, from $12.25 to $13.80. First Community shares rose 3 percent, from $28 to $28.83.
“First Community made a real strong offer, and the directors couldn’t turn it down,” said William McLaurin, Coronado’s president. “It’s a very strong deal for the shareholders.” With its series of buyouts, First Community has built itself into a $2.1 billion institution. site rancho santa fe
Last month, First Community completed the purchases of Marathon Bancorp, a $110 million-asset bank holding company in West Los Angeles, and Upland Bank, a $104 million-asset bank with branches in Upland and Chino.
Early this month, First Community completed its buyout of First National Bank of San Diego, a $650 million-asset bank with seven branches throughout the county. Under yesterday’s deal, First Community will merge Bank of Coronado into First National.
Stephen Rippe, the newly appointed head of First National, said the acquisition should help his bank expand further into the San Diego marketplace.
Under previous management, First National had been contracting because of lending problems and overexpansion.
Founded in 1979, Bank of Coronado is the only bank based in Coronado. At just 23 years old, it claims to be the oldest independent bank based in San Diego County, since so many of its competitors have merged or gone out of business in recent years. ranchosantafenow.net rancho santa fe
The bank has more than $80 million in assets, with two branches in Coronado and one in downtown San Diego.
McLaurin said the bank received inquiries from several possible buyers in recent months, but the board opted to go with First Community because of the size of its offer.
McLaurin said he believes most of Bank of Coronado’s 44 employees will be able to make the transition to the new bank. But that does not include him.
“They’ve already got a very good bank president,” he said.
FCBP,
