American Fork—People’s Utah Bancorp, a bank holding company and parent of People’s Intermountain 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 banking subsidiary Banner Bank. 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.”