52° CLEAR, Atlantic Pacific Bank shareholders vote on new name
Last Modified: Monday, May 4, 2009 at 5:19 p.m.
Atlantic Pacific Bank plans to change its name to AltaPacific Bank to avoid a legal fight with another company that has a similar name.
One year after hiring a consultant to recommend alternatives, the Santa Rosa-based bank’s board of directors has approved the new name and will seek shareholder approval at the bank’s annual meeting Wednesday. The California Department of Financial Institutions must grant final approval.
The name change would take effect during the third quarter of this year.
Changing the name was easier and less expensive than a court battle. A similarly named company threatened legal action over trademark rights if the bank did not change its name. The bank would not identify the other company.
Bank officials said AltaPacific Bank more clearly reflects its market in Northern California, primarily Sonoma and Marin counties. The name change also would eliminate confusion over the word Atlantic. The new name also is a distinct trademark.
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