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American Fork — People’s Utah Bancorp and Lewiston Bancorp have jointly announced that the companies will merge their holding companies and operate their bank subsidiaries, Bank of American Fork and Lewiston State Bank, under People’s Utah Bancorp. As of March 31, 2013, People’s Utah Bancorp had approximately 305 employees, $949 million in assets, loans of $607 million, deposits of $823 million and equity of $119 million. Lewiston had approximately 90 employees, $252 million in assets, loans of $172 million, deposits of $221 million and equity of $28.7 million. The combined holding company will operate under the name People’s Utah Bancorp and will have approximately $1.2 billion in assets. Bank of American Fork, with 14 locations in Utah, and Lewiston State Bank, with four locations in Utah and Idaho, will continue to operate under their respective names.
“We are pleased to announce this strategic combination of both banking organizations’ 100-plus years,” said Richard T. Beard, president and CEO of People’s Utah Bancorp. “Between our two banks there are more than 200 years of combined banking experience. The community values and traditions that both banks share will make this partnership work for the organizations, employees, customers and communities we serve.”
“This merger is a unique opportunity to combine two similar banks that approach the banking business in the same way,” said Anthony J. Hall, president and CEO of Lewiston Bank. “We will maintain our local presence and commitment to serving our core markets, with the bank maintaining its current structure, including management.”
The terms of the merger have not been announced. The transaction is expected to be completed during fourth quarter 2013, after obtaining approval from Lewiston shareholders and the necessary regulatory agencies. The agreement was approved by the board of directors of each company.
Lewiston State Bank will maintain its board of directors, with the addition of two members of the current People’s Utah Bancorp board after the merger closes. Two members of the current Lewiston Board will be invited to join the People’s Utah Bancorp board of directors.
People’s Utah was advised in the transaction by D.A. Davidson & Co., as financial advisor, and Dorsey & Whitney LLP, as legal counsel. Lewiston was advised by Sandler O’Neill + Partners, L.P., as financial advisor, and Parsons Behle & Latimer, as legal counsel.