Walla Walla-based Banner Corp. announced today it has completed the acquisition of California company AltaPacific Bancorp.
Banner, the holding company for Banner Bank, will merge the six branches of AltaPacific Bank, the wholly owned subsidiary of AltaPacific Bancorp, into Banner branches.
Banner announced plans for the all-stock acquisition in July. At the time, the aggregate value was estimated at about $87.4 million.
“We are pleased to announce the completion of the merger, which expands our density in California and enhances our proven super community bank model,” said Banner President and CEO Mark Grescovich in a prepared statement.
“This combination is a complementary fit, both strategically and culturally, and creates the opportunity for additional scale while enhancing the value of the combined company.”
Under terms of the agreement, AltaPacific shareholders received 0.2712 shares of Banner common stock in exchange for each share of AltaPacific common stock, the announcement this morning said. Cash was provided in lieu of fractional shares.
System integration is planned for the first quarter of 2020. Grescovich said the changeover will benefit AltaPacific clients with more products, increased lending limits and an expanded branch delivery system beyond the existing markets.