CALIFORNIA : SOUTHLAND FOCUS : San Diego’s Peninsula Bank Is Sold
Minneapolis-based US Bancorp, the nation’s 13th-largest commercial bank, agreed to buy Peninsula Bank of San Diego for stock worth about $104 million, adding $456 million in assets and 11 branches in San Diego County. The transaction builds on US Bancorp’s 98 branches in Southern California, as well as corporate trust and leasing offices in Los Angeles and San Francisco. Foiled in its attempts to buy big regional banks in California and the Midwest, US Bancorp says it will expand into new markets by snapping up smaller community banks. US Bancorp shares fell 38 cents to close at $30.94 on the New York Stock Exchange.