AltaPacific Bancorp fka ABNK

[vpagano]

AltaPacific Bancorp Extends Share Repurchase Program

http://finance.yahoo.com/news/altapacific-bancorp-extends-share-repurchase-150000552.html

AltaPacific Bancorp (ABNK), the parent company of AltaPacific Bank, today announced that its Board of Directors has authorized an extension of the Company’s share repurchase program for an additional $1.5 million of the Company’s common stock through April 30, 2014. The Company’s repurchase program was originally announced on May 4, 2012. Since that date, the Company has invested approximately $620,000 to repurchase and retire 94,500 shares of its common stock at an average price of $6.56 per share.

Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchase will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The Company has no obligation to repurchase any shares under this program and the program may be suspended or discontinued at any time.

Charles O. Hall, President and Chief Executive Officer, commented, "The Board’s decision to extend the repurchase program reflects their ongoing confidence in the Company’s future prospects. Management and the Board of Directors believe the repurchase program is an attractive opportunity to enhance shareholder value, while also providing liquidity for shareholders."

About AltaPacific Bancorp and AltaPacific Bank:

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 Santa Rosa, California and has offices in Santa Rosa, Rancho Cucamonga and Covina, California. The bank is focused on meeting the specialized needs of small to medium-sized businesses and professionals throughout California. The U.S. Small Business Administration has approved the bank as a PLP lender (Preferred Lender Program). PLP status is the highest lending designation granted by the SBA and it is only granted to its most experienced lenders. For additional information, please contact us at [phone] or online at www.apbconnect.com.