First Community Agrees to Buy Harbor National

First Community Bancorp, the holding company for Pacific Western National Bank and First National Bank, agreed to buy Harbor National Bank for $35.5 million in cash to add customers in Orange County.

First Community, based in Rancho Santa Fe, said it would pay about $13.28 a share for Harbor National after all outstanding stock options are cashed out.

Newport Beach-based Harbor National was founded in 1982 and had $177.9 million in assets as of Sept. 30. First Community has 32 branches and $2.4 billion in assets, First Community said.

Shares of First Community fell 21 cents to $36.75 on Nasdaq. Harbor National shares fell $1.55 to $12.95 in over-the-counter trading.