AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today announced the completed merger with Mission Oaks Bancorp, the parent company of Mission Oaks National Bank. Mission Oaks Bancorp shareholders approved the merger at a special meeting held on April 24, 2014. Under the terms of the merger agreement, Mission Oaks Bancorp will merge with and into AltaPacific Bancorp and the operations of Mission Oaks National Bank will be combined into AltaPacific Bank. Mission Oaks Bancorp shareholders will receive $0.30 per share in an all-cash transaction valued at approximately $3.5 million. After the merger with Mission Oaks National Bank, AltaPacific Bank had total assets of approximately $335 million.
The merger with Mission Oaks Bancorp adds two new branches to the AltaPacific Bank franchise, which includes locations in Temecula and Fallbrook, Calif. This is the second merger for AltaPacific Bancorp. The company completed a merger with Covina, Calif. based Stellar Business Bank in February 2012.
“We thank our shareholders for their continued support of our strategic growth initiatives and the Mission Oaks Bancorp leadership for entrusting our commitment to enhancing the foundation they have built in the Temecula Valley,” stated Timothy J. Jorstad, Chairman of the Board. “We intend to perpetuate our focus on developing relationships as we seek other viable merger and acquisition partners that represent appropriate growth and expansion opportunities for AltaPacific Bancorp.”
“We are pleased to welcome the Mission Oaks National Bank customers and staff to AltaPacific Bank,” stated Charles O. Hall, President and Chief Executive Officer. “The successful completion of this merger is the result of an ongoing dedication to expand our franchise and build long-term shareholder value. We are fortunate to have the opportunity to enhance our southern California market with the addition of respected, talented bankers who are established in the Temecula Valley and share our values of maintaining operational integrity, responsive service and delivering exceptional quality.”