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.