AltaPacific Bank wins approval for merger

<p>AltaPacific Bank in Santa Rosa said Friday it has won shareholder approval for its acquisition of Stellar Business Bank, which will nearly double its assets.</p><p>AltaPacific ended the year with $115.3 million in assets, up 44.5 percent. Merger costs and the expense of opening a new branch compressed annual profits to $304,000, down 66.3 percent.</p><p>Stellar Business Bank is located in Covina. Shareholders of both banks approved the merger this week. The deal also has been approved by government regulators and is expected to close Feb. 17, the bank said.</p><p>AltaPacific is headquartered in Santa Rosa, with offices in Santa Rosa and Rancho Cucamonga. </p><p>The Santa Rosa bank reported total loans fell 2.7 percent last year, to $59.9 million, while deposits jumped 62.1 percent to $76.4 million.</p>