Stellar Business Bank (SLRB.OB) announced the receipt of shareholder approval for the planned merger of Stellar Business Bank with and into AltaPacific Bank, a wholly owned subsidiary of AltaPacific Bancorp.
The merger has been approved by all of the appropriate government authorities and regulatory agencies and is expected to close on February 17, 2012.
As per the terms of the merger agreement, shareholders of Stellar Business Bank will receive 0.8443 shares of AltaPacific Bancorp stock in exchange for each share of Stellar Business Bank common stock. The combined companies will have assets in excess of $202 million and equity capital in excess of $43 million.
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