First Community to Switch to State Charter

First Community Bancorp, a Rancho Santa Fe-based bank holding company with $4.6 billion in assets, will merge its two subsidiaries and switch to a state charter to save money on regulatory examinations.

The company said it would combine Pacific Western National Bank and First National Bank and rename them Pacific Western Bank. The new bank plans to convert from a national charter and move its headquarters to San Diego, First Community said.

First Community Chief Executive Matthew Wagner said no employees would be laid off.

The bank also plans to withdraw its membership from the Federal Reserve System. The transaction is expected to be completed in the fourth quarter.