Inland bank to merge

Commerce Bank of Temecula Valley and AltaPacific Bancorp in Santa Rosa will merge.

AltaPacifica will acquire Commerce Bank for approximately $15.9 million in cash and stock, creating a financial institution with approximately $430 million in assets, according to a statement.

When the merger is complete, the Commerce Bank branch will operate as a branch of AltaPacific Bank.

“This is a great opportunity for all of our shareholders, customers and employees,” said Donald W. Murray, chairman, president and chief executive officer of Commerce Bank, in the statement. “AltaPacific has a long history of building solid relationships with businesses in the communities they serve. The combination certainly provides additional resources to our customers and new opportunities for our employees.”

Commerce Bank is based in Murrieta and operates its branch office in that city.

The merger, which has been approved by the boards of both banks, is expected to close either late this year or early next year, pending regulatory approvals and other closing conditions, according to the statement.