Banner Corporation, the holding company for Banner Bank and Islanders Bank, closed an agreement to merge with AltaPacific Bank.
“AltaPacific Bank is a respected business-focused bank and we consider it a compliment they chose us as their merger partner,” said Mark Grescovich, president and CEO, Banner Bank. “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.”
This transaction is intended to increase Banner’s presence and density in its existing California market. AltaPacific Bank has six locations: Santa Rosa in Northern California, and Ontario, Temecula, Glendora, Riverside and San Bernardino in Southern California. Currently, Banner has total assets of $11.8 billion and AltaPacific Bancorp has total assets of $436 million. The combined company will have approximately $12.2 billion in assets.
The transaction is subject to approval by AltaPacific shareholders, regulatory agencies and other customary closing conditions, and is expected to close in the fourth quarter of 2019.
Banner was advised by Stephens as financial advisor, and Davis, Wright Tremaine as legal counsel. AltaPacific was advised by Panoramic Capital Advisors as financial advisor, Vining Sparks Community Bank Advisory Group as financial advisor and rendered a fairness opinion, and King, Holmes, Paterno & Soriano as legal counsel.
