TRONA VALLEY COMMUNITY FEDERAL CREDIT UNION TO ACQUIRE SUBSTANTIALLY ALL OF THE ASSETS AND ASSUME SUBSTANTIALLY ALL OF THE LIABILITIES OF STATE BANK, A WYOMING CHARTERED COMMERCIAL BANK

 

Green River, WY – Trona Valley Community Federal Credit Union, Green River, Wyoming and State Bank, Green River, Wyoming today jointly announced the execution of an Asset Purchase and Liability Assumption Agreement (the “Agreement”) whereby Trona Valley Community Federal Credit Union will acquire substantially all of the assets and assume substantially all of the liabilities of State Bank. This strategic acquisition will result in a credit union with over $218 million in total assets dedicated to serving consumers and businesses in the Greater Southwest Wyoming Area.

The transaction will result in a strategic, cultural, and financial fit between two Green River, Wyoming based financial institutions and bolsters Trona Valley Community Federal Credit Union’s presence in the Green River and Rock Springs, Wyoming markets. Trona Valley Community Federal Credit Union is a federally chartered community credit union with approximately $181 million in assets as of December 31, 2016, and with offices in Green River, Rock Springs, Evanston and Mountain View, Wyoming. State Bank, headquartered in Green River, Wyoming, is a state chartered commercial bank with approximately $37 million in assets as of December 31, 2016, and also has one branch located in Rock Springs, Wyoming. After consummation of the transaction, Trona Valley Community Federal Credit Union will continue to create superior, lasting banking relationships with the primary purpose of making its members more successful.

“We are excited about combining these two financial institutions covering the Southwest Wyoming Area,” said Jeremy Gibson, President and CEO of Trona Valley Community Federal Credit Union. “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 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 approved the transaction, which is subject to customary conditions, including the approvals of the NCUA, bank regulatory agencies and the shareholders of State Bank.

FIG Partners acted as financial advisor to Trona Valley Community Federal Credit Union. Stinson Leonard Street LLP served as legal counsel for Trona Valley Community Federal Credit Union. Moss Adams served as special accounting advisor to Trona Valley Community Federal Credit Union. GLC Advisors & Co., LLC acted as financial advisor to State Bank. Lewis Roca Rothgerber Christie LLP served as legal counsel for State Bank.

About Trona Valley Community Federal Credit Union

Trona Valley Community Federal Credit Union was designed and built to provide a unique experience for its members, providing a broad range of consumer services to individuals throughout the Southwest Wyoming Area. For more information on Trona Valley Community Federal Credit Union and our unique banking experience, call us at (800) 331-6268 or visit us at www.tronavalley.com.

About State Bank

State Bank is focused on meeting the banking needs of business and individuals in its primary service area of Sweetwater County, Wyoming. State Bank was founded in 1997 and is headquartered in Green River, Wyoming with an additional branch office in Rock Springs, Wyoming. State Bank offers a variety of banking products that include loans, deposits, and other banking services.

Forward-Looking Statements

This news release includes forward-looking statements, which describe management’s expectations regarding future events and developments such as the benefits of the business combination transaction involving Trona Valley Community Federal Credit Union and State Bank, continued success of the Trona Valley Community Federal Credit Union’s style of providing services and the strength of the economies in which it operates. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

Contact:
Jeremy Gibson, President & CEO
Trona Valley Community Federal Credit Union
(307) 875-9800
Mark Borders, President
State Bank
(307) 875-5070