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1st Pacific Bancorp Announces Definitive Agreement to Acquire Landmark National Bank.

Article Excerpt
SAN DIEGO -- 1st Pacific Bancorp (OTCBB:FPBN), the parent company of 1st Pacific Bank of California, and Landmark National Bank (OTCBB:LMRK) today announced they have entered into a definitive agreement for the merger of Landmark National into 1st Pacific Bank, in a cash and stock transaction valued at approximately $24.6 million. The merger solidifies 1st Pacific as the largest, publicly traded community business bank headquartered in San Diego.

Under the terms of the merger agreement, which has been unanimously approved by both companies' boards of directors, Landmark National shareholders will have the option to receive either $12.45 in cash or 0.778125 shares of 1st Pacific common stock for each share of Landmark National common stock, provided that the resulting mix of consideration is such that approximately 65 percent of Landmark National shares receive 1st Pacific common stock. The transaction is subject to regulatory approvals and approval by shareholders of both institutions and is expected to close in the late second quarter or early third quarter of 2007.

"Landmark National is a strong institution with the same target market and customer-driven focus that we emphasize at 1st Pacific," said Vince Siciliano, president and CEO of 1st Pacific Bancorp. "This acquisition expands and strengthens our presence throughout San Diego and allows us to...

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