LAKE HAVASU CITY, Ariz., March 31, 2015 (GLOBE NEWSWIRE) -- 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.
About the Company
State Bank Corp., headquartered in Lake Havasu City, Arizona, is the parent company of Mohave State Bank, the largest locally-owned bank in Mohave County. Mohave State Bank is a full-service bank providing deposit and loan products, and convenient on-line banking to individuals, businesses and professionals. The Bank was established in October 1991, and the holding company was formed in 2004. The Bank has six full-service branches: two in Lake Havasu City, two in Kingman, one in Bullhead City, and one in Yuma, Arizona. The Company is traded over-the-counter as SBAZ. For further information, please visit the web site: www.mohavestbank.com.
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.
CONTACT: Brian M. Riley, President & CEO 928 855 0000 www.mohavestbank.com
Source:State Bank Corp.