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Southwest Bancorp is buying a Pico Rivera bank.

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Southwest Bancorp, based in San Diego County, said it has agreed to acquire Pacific Western National Bank in Pico Rivera in an exchange of stock. Southwest Bancorp has about $300 million in assets, while Pacific Western’s assets total about $46 million. Southwest will pay the equivalent of 1 1/2-times book value for Pacific Western’s shares, but the overall cost of the deal was not disclosed. The acquisition requires regulatory and shareholder approvals.

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