BANKING & FINANCE - Aug. 5, 1993

First Interstate Buys Ventura County Bank: First Interstate Bank of California said it has signed a definitive agreement to pay $23 million or $14 a share for First State Bank of the Oaks, a five-branch bank with $144.5 million in assets. The bank has 100 employees and offices in Thousand Oaks, Camarillo, Newbury Park, Simi Valley and Westlake Village. First Interstate declined to say whether or not layoffs will result from the acquisition, which will be completed by year end. First Interstate, which now operates seven branches in Ventura County, said the acquisition will give it a 50% increase in its share of Ventura County bank deposits.