Banner, the holding company for Banner Bank and Islanders Bank, has signed a definitive agreement to acquire AltaPacific Bancorp.
As a part of the agreement, AltaPacific Bancorp subsidiary AltaPacific Bank will merge into Banner Bank.
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AltaPacific Bancorp acquisition: Details
Under the terms of the acquisition, AltaPacific shareholders will receive 0.2712 shares of Banner common stock. Based on the closing price of Banner common stock on 23 July 2019, the deal is valued at $87.4m.
The acquisition will increase Banner’s presence in the California market, where AltaPacific Bank operates six branches.
Banner Bank president and CEO Mark Grescovich said: “AltaPacific Bank is a respected business-focused bank and we consider it a compliment they chose us as their merger partner.
“This is an excellent addition to Banner because it provides scale to our California franchise with attractive core deposits, commercial banking relationships and a similar credit culture.”
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By GlobalDataOnce completed, the combined bank will have nearly $12.2bn in assets.
AltaPacific Bank CEO Charles Hall said: “Choosing to merge with Banner Bank is a great win-win for our customers and employees.
“Our customers will benefit from larger lending limits, more resources, and expanded product and service offerings, while our team remains part of an outstanding community bank.”
The AltaPacific Bancorp acquisition is expected to close in the fourth quarter of 2019, subject to shareholders’ and regulatory approvals.
