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AltaPacific Bancorp (OTCBB:ABNK), the parent company of AltaPacific Bank, today announced the receipt of shareholder approval for the planned merger of Stellar Business Bank with and into AltaPacific Bank. The shareholders of AltaPacific Bancorp approved the merger at a special meeting held on Wednesday February 1
st and Stellar’s shareholders approved the merger at a special meeting held yesterday. The merger has been approved by all of the appropriate government authorities and regulatory agencies and is expected to close at 5:01 p.m. on Friday February 17, 2012.
Under the terms of the merger agreement, shareholders of Stellar Business Bank will receive 0.8443 shares of AltaPacific Bancorp stock in exchange for each share of Stellar Business Bank common stock. The combined companies will have assets in excess of $202 million and equity capital in excess of $43 million.
“We look forward to the growth and expansion opportunities created through the combination of these two quality institutions,” said Tim Jorstad, Chairman of the Board of AltaPacific Bancorp. “With the completion of this merger, we have strengthened our leadership team and have been able to combine a group of talented and seasoned business professionals. It is exciting to see all of us work together in building a stronger organization that is committed to growing and building shareholder value and serving the needs of business professionals.”
AltaPacific Bancorp also announced earnings of $304,000 for the year ended December 31, 2011. In addition, the Company reported total asset growth of $35.5 million, or 44.5% during the year resulting in year end assets of $115.3 million. Furthermore, for the year ended December 31, 2011, the Company reported total loans of $59.9 million and deposits of $76.4 million, representing a decrease of 2.7% in total loans and an increase of 62.1% in total deposits, respectively.
“We continue to be successful in growing the Company during these tough economic times,” reported Charles O. Hall, the Company’s President and Chief Executive Officer. “To be able to sustain our profitability during this economic climate has been a tremendous achievement. Our earnings success is particularly meaningful as we have incurred substantial costs with the opening of the new branch in Rancho Cucamonga in addition to the non-recurring expenses associated with the Stellar Business Bank merger. While we recognize these events as great investments in our future, they have impacted our short term profitability.”