AltaPacific Bancorp (OTCBB: ABNK) today announced the completion of the process of forming the bank holding company and transfer of ownership of AltaPacific Bank to AltaPacific Bancorp. On November 5, 2010, AltaPacific Bank became a wholly-owned subsidiary of AltaPacific Bancorp. In addition, existing shares of AltaPacific Bank stock were converted into shares of AltaPacific Bancorp stock. Today, the company’s stock began trading under the name AltaPacific Bancorp instead of AltaPacific Bank using the same ticker symbol – ABNK.
The company’s Chief Executive Officer, Charles O. Hall stated, “Shareholders do not need to take any action as a result of the formation of the holding company. As part of the formation process, shareholders of AltaPacific Bank automatically received an equal number of shares of AltaPacific Bancorp stock.” Continuing Mr. Hall stated, “We have worked on this project for several months and are excited to see it completed. This is another key milestone in our growth as a company. The creation of AltaPacific Bancorp allows additional flexibility in our plans for growth and expansion.”
AltaPacific Bank is an independent business bank headquartered in Sonoma County. The bank is focused on meeting the specialized needs of small to medium-sized businesses and professionals. AltaPacific Bank is located at 3725 Westwind Blvd., Suite 100, Santa Rosa, California and is near the Charles M. Schultz – Sonoma County Airport. For additional information, please contact us at (707) 236-1500 or online at www.apbconnect.com.
This press release includes forward-looking statements that involve inherent risks and uncertainties.
AltaPacific Bancorp cautions readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements.
These factors include economic conditions and competition in the geographic and business areas in which AltaPacific Bancorp operates, inflation, fluctuations in interest rates, legislation and governmental regulation and other factors beyond AltaPacific Bancorp’s control.
We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.