Shareholders have agreed to sell a Temecula bank to Santa Rosa-based AltaPacific Bancorp for approximately $3.5 million.

The shareholders of Mission Oaks Bancorp will receive 30 cents per share in the all-cash transaction, the banks announced Friday.

The proposal acquisition was first announced in January. The merger is slated to take effect about May 2.

When the two companies are combined, AltaPacific will have about $335 million in assets, $213 million in gross loans and $254 million in total deposits.

Organized in 2006, AltaPacific is an independent business bank with branches in Santa Rosa, Rancho Cucamonga and Covina. Mission Oaks operates two branches in Temecula and Fallbrook.