BANKING

BanPonce to Acquire Parent of Commerce National: Combancorp, the holding company for Commerce National Bank, announced a definitive agreement to be acquired by BanPonce, the San Juan, Puerto Rico-based parent of Banco Popular de Puerto Rico, for $10.4 million, or $17.31 a share. Commerce National, with headquarters in Commerce and branches in Montebello and Downey, is a $69-million bank that focuses on lending to businesses with sales reaching $20 million a year. After joining with $16-billion BanPonce, Commerce National will raise its loan-size limits and expand its retail business, said Commerce National Chairman Richard F. Demerjian. Banco Popular was attracted by Commerce National’s locations in areas with large Latino populations, Demerjian said.