San Diego Banks Ditch Plans to Merge

Law360, New York (October 29, 2009, 6:27 PM EDT) -- San Diego's 1st Pacific Bancorp and First Business Bank NA have dropped their plans to merge, with the banks saying Thursday the pressures of a tough economy forced them to scuttle the deal.

On July 16, the two community banks said they had reached an agreement to combine 1st Pacific Bancorp's banking subsidiary, 1st Pacific Bank of California, with First Business Bank, creating a combined bank with approximately $500 million in assets, and one of the largest community banks in the San Diego area.

The two...
To view the full article, register now.