AltaPacific Bancorp, based in Santa Rosa, has acquired Mission Oaks Bancorp, the Temecula-based bank, for approximately $3.5 million.
The transaction is expected to be completed in the second quarter of 2014, and is subject to shareholder and regulatory approval, the companies said in a joint statement.
The combined company will have $335 million in assets, $213 million in gross loans and $254 million in total deposits.
“The merger with Mission Oaks Bancorp will create new opportunities to build on the success that each company has achieved,” said Charles Hall, president and CEO of AltaPacific Bancorp, in the statement.
The operations of Mission Oaks will be combined into AltaPacific.
AltaPacific operates bank branches in Santa Rosa, Rancho Cucamonga and Covina. Mission Oaks operates two branches in Temecula and Fallbrook.