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Atlantic Pacific Bank’s loans more than double quarter over quarter

SANTA ROSA, Aug. 14, 2007 -- Santa Rosa-based Atlantic Pacific Bank (OTC: APFB) announced today that its net loans grew to $23.7 million in the second quarter of 2007, a 114 percent jump from the previous quarter.

Total assets increased 1.6 percent quarter over quarter to $34.8 million, and total deposits jumped 10.1 percent to $8.8 million.

The bank reported a net loss of $378,000 during the second quarter, a 9.6 percent increase in losses from the previous quarter. Atlantic Pacific’s net loss for the first half of 2007 was $723,000, a 17.6 percent improvement for the nearly six-month period beginning July 10, 2006 – its first day of business – and ending December 31, 2006.