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Banking

May 26, 1993|From Times Staff and Wire Reports

First Interstate to Acquire Bakersfield Bank: First Interstate Bancorp said it agreed to acquire Cal Rep Bancorp of Bakersfield in a stock swap valued at $68 million. First Interstate said it will acquire the bank, with $570 million in assets, for about $24.73 a share. The bank said the transaction would give it an 18% market share in fast-growing Kern County.

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