Rancho Bernardo Savings Bank has completed a...

Rancho Bernardo Savings Bank has completed a definitive agreement to be acquired by Citadel Holding Corp.’s Fidelity Federal Savings & Loan subsidiary, the companies said Thursday. According to terms of the previously announced agreement, Rancho Bernardo shareholders will receive $23 a share, or $6 million. The acquisition now must be approved by Rancho Bernardo shareholders and various state and federal regulators.

Glendale-based Fidelity Federal, with $4.8 billion in assets, has 34 offices in California. The acquisition of Rancho Bernardo Savings, with $130 million in assets, would mark Fidelity’s first entry into San Diego County.

Rancho Bernardo Savings, which opened for business in 1983, reported a $558,000 net profit for 1988, down from a $704,000 profit for 1987. Rancho Bernardo’s offices in Rancho Bernardo, Escondido and Rancho Penasquitos would become Fidelity Federal offices once the merger were completed.

Shareholders will vote on the acquisition at a meeting planned for June, according to Rancho Bernardo Savings Vice President Vincent Gonzalez. Regulatory approvals are expected in late 1989 or early 1990, Gonzalez said.