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Heritage Oaks Bancorp in Paso Robles, Calif., is a lesson in seizing the moment. It went on the M&A offensive just weeks after being freed from a regulatory order, is poised to become No. 2 in market share in San Luis Obispo County and sees major cost-cutting opportunities.
October 25 -
The $1.1 billion-asset company said in a press release Wednesday that its bank had been released from a memorandum of understanding with the Federal Reserve Board.
September 4 -
Simone Lagomarsino has helped turn around a lot of banks, but she'd never seen one in such bad shape. Yet in a phenomenally short amount of time, Lagomarsino has righted the ship at Heritage Oaks Bancorp.
November 21 -
Heritage Oaks Bancorp (HEOP) in Paso Robles, Calif., has agreed to buy Mission Community Bancorp (MISN) in San Luis Obispo, Calif.
October 22
Heritage Oaks Bancorp (HEOP) in Paso Robles, Calif., plans to cut about 18% of its workforce and close five branches after it buys Mission Community Bancorp (MISN) in San Luis Obispo, Calif.
The $1.1 billion-asset Heritage Oaks will likely cut 65 jobs once it acquires the $445 million-asset Mission, the
Heritage Oaks plans to lay off workers from both institutions, targeting overlapping duties, and close branches within 1.5 miles from one another. The closures will begin in the summer, and layoffs will take place over a 10-month period. Laid off workers will be given severance, the report said.
Among the current Mission employees planning to leave are Chief Executive Tom Dobyns, Chief Financial Officer Thomas Tolda and Chairman James Lokey, the Tribune reported.
Heritage Oaks agreed in October to
Heritage Oaks has freed itself from several regulatory orders in the past year. The Federal Reserve Board lifted a
Last month, American Banker named Heritage Oaks CEO Simone Lagomarsino a 2013
