Banner Corporation to acquire AltaPacific Bancorp for $87m.

Banner Corporation, the holding company for Banner Bank and Islanders Bank, agreed to acquire AltaPacific Bancorp, the holding company for AltaPacific Bank, for $87m. The transaction is subject to approval by AltaPacific shareholders, regulatory agencies and other customary closing conditions, and is expected to close in the fourth quarter of 2019. “AltaPacific Bank is a respected business-focused bank and we consider it a compliment they chose us as their merger partner,” said Mark Grescovich, President and Chief Executive Officer, Banner Bank. “This is an excellent addition to Banner because it provides scale to our California franchise with attractive core deposits, commercial banking relationships and a similar credit culture.”