Central Valley Community Bancorp in Fresno, Calif., has announced that it has a deal to buy the $240 million-asset Service 1st Bancorp in Tracy, Calif., for $23.4 million in cash and stock.
The $495 million-asset Central Valley said late Wednesday that it was buying the 9-year-old Service 1st to fill a gap between existing branches in Sacramento and Modesto. Service 1st has branches in Lodi, Stockton, and Tracy.
The deal, which is expected to close in the third quarter, would be just the second for Central Valley Community in its 28-year history. It bought the $68 million-asset Bank of Madera County on Jan. 1, 2005.
