As the last bank in the region exits the Troubled Asset Relief Program on the five-year anniversary of the federal aid program, the U.S. Treasury has recouped most of its investment in the Tri-Counties, taking a loss of $3.2 million on the $259.6 million it disbursed to area lenders.
By paying off $2.1 million in federal aid it received at the height of the financial crisis, Ojai Community Bank becomes the last of the region’s banks to exit TARP. All told, the U.S. Treasury received $256.4 million on the $259.6 million in aid it disbursed to nine banks in the Tri-Counties.
With its $56.4 million purchase of another Central Coast bank, Heritage Oaks Bancorp lays the foundation to build the region’s next big community banking franchise and emerges as the dominant player in the market.
Paso Robles-based Heritage Oaks said Oct. 21 that it is buying Mission Community Bank, based in San Luis Obispo, in a cash-and-stock deal expected to close in the first quarter of 2014. The combined bank would have $1.5 billion in assets, making it the largest bank based in the Tri-Counties.
Shares of Paso Robles-based Heritage Oaks Bancorp were up 3.33 percent in after-hours trading after third-quarter profits hit analyst expectations and several key metrics painted a rosy picture as the bank spearheads its expansion into Ventura County. Profits actually declined to $2.8 million for the third quarter, down from $6.4 million. But the decline stemmed Read More →
Paso Robles-based Heritage Oaks Bancorp is buying Mission Community Bank of San Luis Obispo for $56.4 million in cash and stock, the firms announced Oct. 21. Under the terms of the deal, Mission Community shareholders will get $8 million in cash and about 7.5 million shares of Heritage Oaks stock. The deal is valued at Read More →
The multimillion-dollar sale of a prime property in the heart of the Central Coast’s busiest downtown comes amid a flurry of building activity that had some developers bidding on the lot in hopes of developing the bank building’s adjacent parking lot, which faces the corner of Marsh and Osos streets. But the timing was too good for Heritage Oaks to pass the location up, said Simone Lagomarsino, the bank’s CEO.
This article is only available to Business Times subscribers Subscribers: LOG IN or REGISTER for complete digital access. Not a Subscriber? SUBSCRIBE for full access to our weekly newspaper, online edition and Book of Lists. Check the STATUS of your Subscription Account.
