AltaPacific Bancorp Announces Completed Merger with Stellar Business … 

SANTA ROSA, Calif., Feb 17, 2012 (BUSINESS WIRE) — AltaPacific Bancorp (OTC
Bulletin Board: ABNK), the parent company of AltaPacific Bank, today announced
the completed merger of Stellar Business Bank with and into AltaPacific Bank.

AltaPacific Bancorp and Stellar Business Bank shareholders approved the merger
at special meetings held on February 1, 2012 and February 2, 2012, respectively.

Under the terms of the merger agreement, Stellar Business Bank shareholders will
receive 0.8443 shares of AltaPacific Bancorp stock in exchange for each share of
Stellar Business Bank common stock.

The company also announced the resignation of Timothy P. Walbridge as Stellar
Business Bank’s former President and Chief Executive Officer and Director. Under
the terms of the merger agreement, Mr. Walbridge was slated to join the
AltaPacific Bank management team and Board of Directors. Harold J. Borak, Sr., a
founding director of Stellar Business Bank, will replace Mr. Walbridge on the
board of AltaPacific Bancorp and AltaPacific Bank along with Richard J. Jett,
who previously served as Chairman of the Board of Stellar Business Bank. Mr.

Borak is a retired insurance industry professional who has served on a number of
professional and community organization boards throughout southern California.

Richard J. Jett is a retired bank executive and was the founding Chairman of
Stellar Business Bank.

“On behalf of the AltaPacific Bancorp board of directors, I would like to thank
our shareholders for their approval of this merger, which unites two successful
community banks who share a common commitment to serving the needs of business
professionals. We would also like to recognize Timothy Walbridge for his
accomplishments as Stellar Business Bank’s President and Chief Executive Officer
and thank him for his leadership and expertise during the merger process,”
stated Tim Jorstad, Chairman of the Board of AltaPacific Bancorp. “Lastly, we
would like to welcome Richard Jett and Harold Borak to our board of directors.

Both directors have extensive board experience and expertise in the southern
California marketplace. We look forward to their contributions and insight as we
continue to execute our strategic growth plans.”

“This union leads our entry into the San Gabriel Valley area of Los Angeles
County, expanding our presence in the southern California region,” commented
Charles O. Hall, President and Chief Executive Officer. “Our infrastructure has
been strengthened with increased capacity to serve the needs of our customers,
and with established banking professionals who are well-known in the
marketplace. We believe we are poised to take advantage of continued growth
opportunities.”

AltaPacific Bancorp is the parent company for AltaPacific Bank. The Company’s
stock trades over the counter under the symbol ABNK. AltaPacific Bank is an
independent business bank headquartered in Santa Rosa, California and has
offices in Santa Rosa, Rancho Cucamonga and Covina, California. The bank is
focused on meeting the specialized needs of small to medium-sized businesses and
professionals throughout California. For additional information, please contact
us at (707) 236-1500 or online at www.apbconnect.com.

Forward-Looking Statements

The press release contains forward-looking statements. These forward-looking
statements involve risks and uncertainties and are based on the beliefs and
assumptions of the management of AltaPacific Bancorp and its subsidiary
AltaPacific Bank and on information available to management at the time these
statements were made. There are a number of factors, many of which are beyond
AltaPacific’s control, which could cause actual conditions, events or results to
differ significantly from those described in the forward-looking statements.

Factors that may cause actual results to differ materially from those
contemplated by such forward-looking statements include, among others, the
following possibilities: (1) competitive pressures among depository and other
financial institutions may increase significantly; (2) revenues may be lower
than expected; (3) changes in the interest rate environment may reduce interest
margins; (4) general economic conditions, either nationally or regionally, may
be less favorable than expected, resulting in, among other things, a
deterioration in credit quality and/or a reduced demand for credit; (5)
legislative or regulatory changes, including changes in accounting standards and
tax laws, may adversely affect the businesses in which AltaPacific is engaged;
(6) competitors may have greater financial resources and develop products that
enable such competitors to compete more successfully than AltaPacific; and (7)
adverse changes may occur in the securities markets or with respect to
inflation. Forward-looking statements speak only as of the date they are made.

Except as required by law, AltaPacific does not undertake to update
forward-looking statements to reflect subsequent circumstances or events.

SOURCE: AltaPacific Bancorp

CONTACT:
AltaPacific Bancorp
Charles O. Hall, President CEO, 707-236-1500

Copyright Business Wire 2012

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KEYWORD: United States

North America

California
INDUSTRY KEYWORD: Professional Services

Banking

Finance
SUBJECT CODE: Merger/Acquisition

Personnel