First Banks America to Buy BYL Bancorp
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First Banks America Inc., owner of First Bank & Trust, agreed to pay $52 million in cash for BYL Bancorp of Orange to expand its presence in Southern California. The deal values BYL at $18.50 a share. BYL stock closed at $15, up 35 cents, on Nasdaq, before the news was announced.
BYL, which has assets of $278 million, said last month that it terminated a Nov. 1 agreement to be acquired by PBOC Holdings Inc. of Los Angeles, parent of People’s Bank of California. PBOC agreed in December to be acquired by closely held FBOP Corp. of Oak Park, Ill., parent of California National Bank.
The BYL purchase will boost First Banks’ business in Southern California by adding seven branches in Riverside and Orange counties to the network of 24 banks it operates in that part of the state.
Shares of First Banks, which is based in Clayton, Mo., rose 65 cents to $26.25 on the NYSE.
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