Stinson Leonard Street LLP Advises 1st Bank Yuma in Two Bank Acquisitions
Stinson Leonard Street LLP attorneys Ernie Panasci and Ryan Behrman recently advised Western Arizona Bancorp, Inc., through its subsidiary 1st Bank Yuma, in the acquisition of two new branch locations in Arizona. The purchases allow the bank to expand its geographic footprint and to better serve new and existing customers.
1st Bank Yuma agreed to buy the First Fidelity Bank facility in Nogales, Ariz. for approximately $700,000 plus the purchase price of some equipment. The transaction includes the transfer of approximately $14 million in deposits along with the sale of approximately $19 million in loans.
The branch is located in a 25,000 square-foot, $4 million building near Nogales City Hall that first opened in 2007 as the Bank of Tucson Financial Center.
The deal closed Aug. 7, 2015.
Panasci and Behrman also advised 1st Bank Yuma in the acquisition of a branch of the Mohave State Bank in Mohave, Ariz. for $750,000. The deal includes the transfer of $17 million in deposits and the sale of $18 million in loans. The sale closed Sept. 4, 2015.
Stinson Leonard Street's Banking and Financial Services practice provides a full range of legal services to hundreds of financial institutions from large national organizations to regional and community banks, credit unions, industrial loan and thrift companies, private institutional and asset managers, and government entities.