AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today announced the opening of a new branch in Southern California. The branch is located at 9373 Haven Avenue, Rancho Cucamonga, California 91730. On May 2, 2011, the Company announced the hiring of Russ Scranton as a Senior Vice President and Regional Manager of the Inland Empire Region and the promotion of Frank Basirico to the position of President, Southern California Region.
“It is wonderful to once again be working with Charlie Hall, the Bank’s President and CEO, as well as members of the Board of Directors, many of whom I have known for several years,” commented Russ Scranton. Continuing, Mr. Scranton stated, “Charlie has been a long time friend and former business colleague. The Board of Directors and management of AltaPacific Bank have done an excellent job in growing and developing the bank during these turbulent economic times. The bank continues to be profitable, has excellent asset quality and the capital ratios are among the highest in the state. It is quite obvious that they have implemented a very successful business plan.”
Charlie Hall stated, “We are very excited to launch our expansion into the Southern California market under the leadership of Frank Basirico and Russ Scranton. These are great men who serve as excellent examples of community bankers dedicated to serving the needs of the customer.” Continuing, Mr. Hall stated, “Russ has assembled an excellent team and I know they will all be successful in attracting new business relationships.”
AltaPacific Bancorp is the parent company for AltaPacific Bank. The Company’s stock trades over the counter under the symbol ABNK. 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’s headquarters are 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, (909) 256-5300 or online at www.apbconnect.com.Forward-Looking Statements This press release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of AltaPacific Bancorp and its subsidiary AltaPacific Bank and on information available to management at the time these statements were made. There are a number of factors, many of which are beyond AltaPacific's control, which could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which AltaPacific is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than AltaPacific; and (7) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, AltaPacific does not undertake to update forward-looking statements to reflect subsequent circumstances or events.
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