New bank on the block

<p>Atlantic Pacific Bank opened its doors in Santa Rosa on Monday, becoming the county's sixth locally owned commercial bank.</p><p>The new bank will focus its services on small to mid-sized businesses, owners and employees.</p><p>"We're terribly excited to finally be a real bank," Chief Executive Officer Charles Hall said Monday. "Everybody has worked very hard this past 15 months, and now we're ready to start dealing with our clients."</p><p>The office on Westwind Boulevard near the Sonoma County-Charles M. Schulz Airport was busy Monday.</p><p>While Hall waited for an armored car to deliver the bank's first cash, workers installed signs, computer technicians tested systems and the bank's 10 employees settled in to their first day on the job.</p><p>Branch manager Terry Richter plans to add two to three more employees, including loan officers and perhaps another teller, Hall said.</p><p>The bank opened Monday with a ready-made customer base. It raised $27.5 million from 350 shareholders, mainly from Sonoma and Marin counties. Many of those shareholders plan to bank at Atlantic Pacific Bank, Hall said.</p><p>Once Atlantic Pacific shareholders receive the paperwork for their shares, which could take several weeks, the stock will trade on the over-the-counter market, Hall said. The ticker symbol has not yet been assigned.</p><p>Most of the bank's customers will be businesses with up to $10 million in sales, although larger companies can be accommodated, Hall said. Products for businesses will include checking accounts, lines of credit, equipment loans, real estate construction loans and permanent financing on commercial real estate.</p><p>Atlantic Pacific's headquarters has a traditional bank lobby for customers who like to do their business face-to-face, but most businesses will probably prefer to bank by mail, courier or electronic services, Hall said.</p><p>Rather than have customers come into the bank, Atlantic Pacific officers will go to them.</p><p>That's one reason the bank decided to locate in an industrial area near the airport, rather than in downtown Santa Rosa, Chairman Timothy Jorstad said.</p><p>Bank officials expect to consider other branches in their second year. They hope to reach $110 million in assets in three years.</p><p>Atlantic Pacific Bank is the second new commercial bank in Sonoma County in 18 months. First Community Bank, founded by a team led by real estate developer William Gallaher, opened in downtown Santa Rosa in January 2005.</p><p>The two locally controlled banks jumped into a banking market that already is highly competitive.</p><p>Ratcheting the competition even higher, Summit State Bank said last week it will try to raise about $20 million through a public stock offering this week to help fund an expansion.</p><p>Summit State Bank, headquartered in Santa Rosa, serves individual customers and businesses.</p><p>Hall said he does not look at other community banks as competitors.</p><p>"I consider the Bank of Americas and the Wells Fargos as the competition, because that's where we get our clients from. They just can't service clients the way our clients want to be serviced," Hall said.</p><p>Atlantic Pacific Bank was founded by a team of four bankers from Business Bank of California, including Hall who was CEO at Business Bank.</p><p>San Rafael-based Business Bank was acquired by Union Bank for $140 million in 2004.</p><p>Joining the Business Bank team as founding directors at Atlantic Pacific Bank are Santa Rosa residential developer Richard Dowd, former JDSU executive Joseph Zils, Windsor civic leader Robin Goble and PG&E Co. executive Randy DeCaminada.</p><p>You can reach Staff Writer Mary Fricker at 521-5241 or mfricker@pressdemocrat.com.</p>