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AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, and Mission Oaks Bancorp (OTCBB: MOKB), the parent company of Mission Oaks National Bank, announced the signing of a definitive agreement to merge. Under the terms of the agreement AltaPacific Bancorp will acquire Mission Oaks Bancorp for $0.30 per share in an all-cash transaction valued at approximately $3.5 million. The operations of Mission Oaks National Bank will be combined into AltaPacific Bank. Completion of the merger is subject to regulatory and Mission Oaks Bancorp’s shareholders’ approval as well as other customary closing conditions, and the amount of cash consideration per share is subject to potential adjustment.
The transaction is expected to be completed in the second quarter of 2014. The combined company will have approximately $335 million in assets, $213 million in gross loans and $254 million in total deposits. AltaPacific Bank operates branch locations in Santa Rosa, Rancho Cucamonga and Covina, Calif., and Mission Oaks National Bank operates two branches in Temecula and Fallbrook, Calif. At the completion of the merger, the Mission Oaks National Bank branches will be operated as branches of AltaPacific Bank.
This is the second merger for AltaPacific Bancorp. The company completed a merger with Covina, Calif. based Stellar Business Bank in February 2012.
“The merger with Mission Oaks Bancorp will create new opportunities to build on the successes that each company has achieved,” stated Charles O. Hall, President and Chief Executive Officer of AltaPacific Bancorp. “We share a commitment to serving our local communities with quality private and business banking products and delivering a high level of personal service. This transaction provides immediate value to customers and shareholders and is a continuation of our strategy to expand our geographic footprint in markets that represent long-term growth potential.”
Gary W. Deems, Mission Oaks Bancorp President and Chief Executive Officer stated, “We welcome the opportunity to merge into AltaPacific Bancorp. We have spent the last thirteen years building solid relationships with businesses in the communities we serve, and are pleased to be joining a strong community bank that shares our commitment to superior customer service. Our directors concluded that this was a great fit for our customers and staff, and in the best interests of our shareholders.”