First Community to Buy First National

First Community Bancorp agreed to buy First National Bank for about $142.4 million in cash and stock to add branches in the San Diego area.

First Community will pay either $10 in cash or 0.5008 share for each First National share, the Rancho Santa Fe-based bank said. Under terms of the agreement, no more than 45% of the total will be in First Community stock.

San Diego-based First National has seven branch offices and $714 million in assets, First Community said.

The acquisition is expected to be completed in the third quarter and add to earnings immediately, First Community said.

First Community shares fell 16 cents to $26.59 on Nasdaq. They have risen 49% in the last year. First National shares last traded Feb. 27, when they rose 5 cents to $5.90.