AMERICAN FORK, Utah, Oct. 09, 2017 (GLOBE NEWSWIRE) -- People’s Utah Bancorp (the “Company”) (Nasdaq:PUB), a bank holding company and parent of People’s Intermountain Bank (“Bank”), announced that the Bank successfully completed the acquisition of $250 million in loans and seven Utah branch locations with $165 million in low-cost deposits from Banner Corporation’s (Nasdaq:BANR) banking subsidiary Banner Bank (“Banner”). The Bank paid a deposit premium of $13.4 million based on average deposits at closing. The Bank has also successfully completed the conversion of these branches onto the Bank’s core banking platform. The seven branches acquired are located in Salt Lake City, Provo, South Jordan, Woods Cross, Orem, Salem, and Springville. The Woods Cross and Orem branches have successfully been consolidated into the existing Bank of American Fork Bountiful and Orem branches, respectively. The Bank will operate the remaining branches under the name of Bank of American Fork, a division of PIB.
“We are thrilled to have successfully completed the acquisition of the Utah branch locations from Banner, which expands our footprint by five branches to a total of 25 branches throughout Utah and Idaho. It significantly increases the size of two of our existing branches by consolidating two Banner branches into our Bountiful and Orem locations,” stated Richard Beard, President and CEO of PUB. “As Utah’s largest community bank, this transaction provides our existing customers with added convenience and service with new branch locations. It gives our new customers the opportunity to enjoy outstanding personalized service and the commitment of an over 100 year old, Utah-based community bank. This transaction, coupled with the Town & Country Bank acquisition, which we expect to complete in the fourth quarter, allows us to further deploy our solid capital base and to strategically grow our company along the I-15 corridor of the Intermountain Region. Upon the completion of both transactions, we expect total assets to be in excess of $2.0 billion, and we expect the transactions will be immediately accretive to earnings, after acquisition related costs.”
Conference Call and Webcast
Management will conduct a live conference call and webcast for investors, analysts and the public relating to the Company's results for the third quarter of 2017 as well as the completion of the Banner Bank transaction at 11:00 a.m. Eastern time on Thursday, October 26, 2017. The conference call will be accessible by telephone and through the internet. Interested individuals are invited to listen to the call by telephone at 888-317-6003 (international calls 412-317-6061) and the conference ID is 9051999.
To participate in the webcast, log on to: http://services.choruscall.com/links/pub171026.html.
If you are unable to participate during the live webcast, the call will be archived on www.peoplesutah.com or at the webcast URL above until November 27, 2017. Forward-looking and other material information may be discussed on this conference call.
Statements in this release that are based on information other than historical data or that express the Company’s expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the proposed acquisition of Town & Country Bank and the effect of the acquisition of Town & Country Bank and the acquisition of the loans and deposits from Banner Bank on the Company and the Bank. Statements based on historical data are not intended and should not be understood to indicate the Company’s expectations regarding future events.
Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing management’s views as of any subsequent date.
Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include: (i) market and economic conditions; (ii) capital sufficiency; (iii) operational, liquidity, interest rate and credit risks; (iv) deterioration of asset quality; (v) achieving loan and deposit growth; (vi) increased competition; (vii) adequacy of reserves; (viii) investments in new branches and new business opportunities; and (ix) changes in the regulatory or legal environment; as well as other factors discussed in the section titled “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission.
The foregoing factors should not be construed as exhaustive. The Company does not intend, or undertake any obligation to publicly update these forward-looking statements.
About People’s Utah Bancorp
People’s Utah Bancorp is the holding company for People’s Intermountain Bank, which has 25 locations in two banking divisions, Bank of American Fork and Lewiston State Bank, a leasing division, GrowthFunding Equipment Finance, and a mortgage division, People’s Intermountain Bank Mortgage. PUB has a pending transaction, subject to customary closing conditions, to acquire Town & Country Bank, Inc. in St, George, Utah. PIB has been serving communities in Utah and southern Idaho for more than 100 years. PUB is committed to preserving the community-bank model with a full range of bank products and technologies. More information about PUB is available at www.peoplesutah.com.
Investor Relations Contact:
Wolfgang T. N. Muelleck
Executive Vice President/Chief Financial Officer
1 East Main Street
American Fork UT 84003
Source:People's Utah Bancorp