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 (707) 236-1500 or online at www.apbconnect.com.
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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