AltaPacific Bancorp fka ABNK

[56Chevy]

AltaPacific Bancorp and Mission Oaks Bancorp Sign Definitive Agreement to Merge

Date : 01/31/2014 @ 4:05PM
Source : Business Wire
Stock : Altapacific Bancorp (QB) (ABNK)
Quote : $9.05 0.0 (0.00%) @ 4:26PM

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.

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http://ih.advfn.com/p.php?pid=nmona&article=60880896&symbol=ABNK

*Note: The TBV of MOKB at the time of this deal was a minus -.02...LTM EPS was .01