First National Corp. said it plans to...

First National Corp. said it plans to purchase 100,000 of its 1.4 million outstanding common shares on the open market during 1985. The parent of First National Bank said that, at recent prices, its stock is trading at just 60% of its year-end book value of $11.71 a share.

Wavetek Corp. said its board authorized the purchase of 500,000 of its common shares through open market and privately negotiated transactions. The electronics concern said its shares “are undervalued and represent a sound investment.”

International Totalizator Systems Inc. said it has teamed up with Digital Equipment Inc., Minnesota Mining and Manufacturing Corp., and Arthur Young & Co. to create a computer-based system to operate the California lottery.