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CALIFORNIA | Southland Focus

Bank Deal

May 12, 1999|Bloomberg News

Valley National Corp. shares rose nearly 19% after the El Cajon-based bank agreed to be bought by Community First Bankshares Inc. of Fargo, N.D., for $65 million in stock. The bank, with $5.9 billion in assets, has offices in 11 Western states, from Arizona to the Dakotas. Valley National, which operates Valle de Oro Bank, has $241 million in assets and six offices in the San Diego area. Community First said the acquisition will give it the California banking charter it needs to start building a larger presence in the state. In Nasdaq trading, Valley National rose $2.50 to close at $19.38 after earlier hitting $20; Community First rose $1.69 to close at $22.88.

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