American Bancorp of Nevada/ American Bank of Commerce announces acquisition by First Security Corp.LAS VEGAS--(BUSINESS WIRE)--April 2, 1997--American Bancorp of Nevada, Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. (ABCN ABCN American Board of Clinical Neuropsychology ) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABCN), Wednesday announced that First Security Corp., Salt Lake City, has completed its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. of ABCN and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , American Bank of Commerce, and is prepared to proceed with the acquisition of AmBank pursuant to the agreement and plan of reorganization entered into between the parties on March 17, 1997. Under the terms of the agreement and plan of reorganization, ABCN shareholders will receive 0.63 shares of First Security common stock for each share of ABCN common stock. Such fixed exchange ratio is subject to adjustments, if the market value of First Security is above $39 per share or below $33 per share prior to the closing of the transaction. As of Dec. 31, 1996, ABCN had total assets of $318 million and total shareholder equity of $31.7 million, and earnings in 1996 were $4.9 million. James Bradham, chief executive officer of ABCN, stated that the board of directors, as well as management, are pleased with the opportunity to merge with First Security and look forward to the opportunities provided by a larger organization. Bruce Hendricks, president of ABCN, will be joining the management team of First Security Bank of Nevada. The merger is subject to the approval of the regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. as well as shareholders of ABCN. It is anticipated that shareholder approval will be obtained during the late second quarter of 1997, with the transaction being consummated soon thereafter. ABCN, through its principal subsidiary, American Bank of Commerce, operates five banking offices in Las Vegas. CONTACT: American Bancorp of Nevada, Las Vegas James Bradham, 702/362-7222 |
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