Mar 31, 2015 - State Bank Corp.
State Bank Corp. Agrees to Sell Yuma Branch to 1st Bank Yuma
Lake Havasu City, Arizona – March 31, 2015 – State Bank Corp. (OTCQB: SBAZ), the holding company for Mohave State Bank, today announced that it has entered into a purchase agreement to sell its Yuma branch facility to 1st Bank Yuma in a transaction valued at approximately $750,000 (deposit premium of 4.45%) plus the purchase price of the real estate and equipment. The transaction incorporates the transfer of approximately $17 million in deposits along with the sale of approximately $18 million in loans.
“After careful consideration, we have decided to exit the Yuma market and sell our Yuma branch to 1st Bank Yuma,” stated Brian M. Riley, President and Chief Executive Officer. “Our customers and employees in that market will be well served by 1st Bank Yuma. This transaction will allow us to redirect our focus to further developing our core markets of Lake Havasu City, Kingman and Bullhead City, as well as pursue other growth opportunities in the future.”
The branch sale is expected to close during the third quarter of 2015.
Transmitted on Globe Newswire on March 31, 2015 at 9: 59 a.m. PDT.
Forward-looking Statements: This press release may include forward-looking statements about State Bank Corp. and its subsidiary, Mohave State Bank, for which the Company claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the Company's possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, borrower capacity to repay, operational factors and competition in the geographic and business areas in which the Company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.