Landmark, Legacy Banks to merge
By: EDMOND JACOBY - Staff Writer | ∞
SOLANA BEACH ---- Landmark National Bank announced Tuesday that it had agreed to a merger with La Jolla-based Legacy Bank.
The merged banks, to be known as Landmark National Bank, will have combined assets in excess of $110 million.
"The merger means we will be able to double the size of a loan we can make, because that is a function of net worth," said Ron Carlson, chairman and chief executive of Landmark. Loans to a single borrower cannot exceed 15 percent of a bank's net worth, he said.
Landmark now has offices in Solana Beach and La Jolla. Legacy also has an office in La Jolla. The La Jolla operations will be consolidated at Landmark's Ivanhoe Avenue office, Carlson said.
"Landmark is about 2 1/2 years old, and Legacy is about three months younger," he said. "Our entire management came from (the old) Scripps Bank, and three of Legacy's directors did, too."
Legacy shareholders will receive 7.53 to 7.81 shares of Landmark stock for each share of Legacy stock they hold. The range, Carlson explained, is to accommodate the disposition of Legacy's La Jolla office, which will be sublet. Until it is, the overhead attributable to the empty office will be charged against the exchange of stock.
Contact staff writer Edmond Jacoby at (760) 739-6675 or ejacoby@nctimes.com.
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