BANKING/FINANCE
Citizens Holdings has completed its $17.5-million cash acquisition of El Camino Bancorp in Anaheim, but it will continue to operate El Camino Bank as a separate entity from its first subsidiary, Citizens Bank of Costa Mesa.
The purchase price, which amounts to about $8.10 a share, grew from the original $16.3-million price because additional costs were included for closing the deal five months after the original Oct. 15 target date.
The combined operation, with a total of $224.8 million in assets as of Dec. 31, becomes the fourth largest independent banking concern in Orange County.
Citizens Bank has two branches in Costa Mesa and one in Brea, and El Camino has two offices in Anaheim and one each in Fullerton and Tustin.
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