GREEN RIVER, Wyom.—The $181-million Trona Valley Community FCU here has entered into an agreement to buy local State Bank.
Trona Valley will acquire substantially all of the assets and assume substantially all of the liabilities of $37-million State Bank, the CU stated in a release.
“We are excited about combining these two financial institutions covering the Southwest Wyoming Area,” said Jeremy Gibson, president, and CEO of Trona Valley Community FCU. “Both entities have developed strong relationships with their member-customers. Both entities have built robust platforms and production capabilities, and established low-cost deposit bases with a significant focus on member service.”
“We are excited to join forces with Trona Valley Community Federal Credit Union and believe we are building a powerful credit union dedicated to serving the demanding needs of growing and successful individuals and businesses here in the Southwest Wyoming Area,” said Mark Borders, president of State Bank. “The combination of these two financial institutions is a great cultural and business strategy fit as we share the same passion for serving customers with superior personal service and products customized to fit each client’s needs.”
The board of directors of both institutions have approved the transaction, which still must be blessed by state and federal regulators, as well as shareholders of State Bank.
If the Trona Valley deal is finalized, as well as Honor Credit Union’s intended purchase of Citizens State Bank of Ontonagon, which kb-studio.ru reported, it will be the 17th time a credit union has acquired a bank since 2011, when Michigan's $1.6-billion United FCU pioneered such purchases by acquiring $81-million Griffith Savings Bank in Indiana.