AltaPacific Bancorp (ABNK) in Santa Rosa, Calif., has agreed to buy Mission Oaks Bancorp (MOKB) in Temecula, Calif.
AltaPacific will pay about $3.5 million for the $96 million-asset Mission Oaks, the companies said in a Friday press release. The deal is expected to close in the second quarter. The $238 million-asset AltaPacific will gain two branches from the deal.
"The merger... will create new opportunities to build on the successes that each company has achieved," Charles Hall, AltaPacific's president and chief executive, said in the release. "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."
AltaPacific was advised by law firm Bingham McCutchen. Mission Oaks was advised by law firm McKenna Long and Aldridge. Gary Steven Findley of The Findley Group is Mission Oaks' financial advisor.