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La Jolla-based Scripps Financial Corp.'s board of directors urged company shareholders last week to approve its purchase by U.S. Bancorp, which itself is being acquired, and it appears the local bank's stockholders agree.
U.S. Bancorp in the past three years bought locally based Bank of Commerce and Peninsula Bank of San Diego.
Milwaukee- based Firstar Corp. will acquire U.S. Bancorp in an exchange for about $19 billion of its stock, said Jerry Grundhofer, president and CEO of U.S. Bancorp. The offer still must be approved by U.S. Bancorp shareholders and if it is, the transaction is expected to close in the first quarter of next year, Grundhofer said.
That's good news to Ron...