SANTA ROSA – AltaPacific Bancorp, parent company of Santa Rosa-based AltaPacific Bank (OTCBB: ABNK), announced today that company’s board of directors approved a 5 percent stock dividend per common share in April.
The business-focused institution will pay the dividend on April 20, 2012 to shareholders of record as of April 6, 2012.
The company completed a merger with Covina-based Stellar Business Bank in February, nearly doubling the bank’s assets to a total of $202 million. The merger increased AltaPacific’s footprint in Southern California and added a division focused on lending backed by the U.S. Small Business Administration.
AltaPacific earned $304,000 in 2011 and saw its assets grow by 44.5 percent, to a total of $115.3 million. The bank’s Friday closing stock price was unchanged at $9 a share.