First Community Bancorp today announced the signing of a definitive agreement to acquire, for US$40 million in cash, all of the outstanding common stock and options of First Community Financial Corp (FC Financial), a privately-held commercial finance company based in Phoenix, Arizona with approximately US$80 million in assets as of December 31, 2003.
FC Financial is an asset-based lender and factoring company with 40 employees and lending production offices in Phoenix, Arizona, Los Angeles and Orange, California, and Houston and Dallas, Texas.
First Community will also assume FC Financial's existing debt, which was approximately US$61 million at December 31, 2003, and currently expects to replace such debt with lower-cost funding. FC Financial has used its debt to finance its lending activity.
