Banner acquires California-based AltaPacific Bancorp

Walla Walla-based Banner Corp., the holding company for Banner and Islander Banks, has acquired California-based AltaPacific Bancorp and its subsidiary AltaPacific Bank.

Banner Corp. announced the acquisition last week.

“We are pleased to announce the completion of the merger, which expands our density in California and enhances our proven super community bank model,” Mark Grescovich, Banner president and CEO, said in a statement. “This combination is a complementary fit, both strategically and culturally, and creates the opportunity for additional scale while enhancing the value of the combined company.”

Banner Corp. is planning to merge bank systems the first quarter of 2020, which will provide customers of Santa Rosa-based Alta Pacific with more products, increased lending limits and an expanded branch system, according to a company release.