First National Corp., National Bankshares of La...

First National Corp., National Bankshares of La Jolla and National Bank of Fairbanks Ranch have completed their merger and the resulting bank holding company, First National Corp., opened its seven branch offices for business Monday morning, bank officials said.

The merger, which was announced in December, created San Diego’s third-largest locally based bank, behind San Diego Trust & Savings and Southwest Bank. The three banks had $360 million in assets and $24 million in capital on March 31.

“This transaction creates a major locally controlled business bank with the capital necessary to support quality growth in San Diego County,” according to President and Chief Executive Robert D. Richley.