Arizona Bank Announces Expansion into Metropolitan Phoenix.TUCSON, Ariz.--(BUSINESS WIRE)--May 1, 1998--Arizona Bank, the sixth largest among 40 banks in Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). has announced its expansion into the Phoenix metropolitan area. The bank is headquartered in Tucson and currently has 23 branches throughout Tucson, Green Valley, Willcox, Yuma, Casa Grande Casa Grande (kä`sä grän`dā), city (1990 pop. 19,082), Pinal co., S Ariz.; inc. 1915. It lies in an irrigated farm area near the Casa Grande Mts. , Prescott, Prescott Valley, Flagstaff Flagstaff, city (1990 pop. 45,857), seat of Coconino co., N Ariz., near the San Francisco Peaks; inc. 1894. Lumbering, ranching, and a lively tourist trade thrive in the region, where many ruined pueblos, numerous state parks, several lakes, and large pine forests , Kingman and Bullhead bullhead, common name for several species of fish. See catfish; sculpin. bullhead Any of several species of North American freshwater catfish in the genus Ictalurus, valued as food and sport fishes. Bullheads are related to the channel catfish (I. City. The bank currently has $760 million in total resources. David T.C. Wright, president and chief executive officer announced the expansion into the Phoenix metropolitan area, in conjunction with arrangements made by the bank and Albertsons' supermarkets to have Arizona Bank replace Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. on all future Albertsons' supermarket locations in the Phoenix metropolitan area. Arizona Bank had already enjoyed the Albertsons' supermarket banking franchises for all other locations throughout the state. Wright stated that the opportunity to continue to expand with a wonderful grocer as Albertsons' was a real opportunity for Arizona Bank. Entering the Phoenix market place allows us a state-wide presence in order to continue the significant expansion that the bank has enjoyed over the past five years. The bank also announced record consolidated first quarter net income of $1.9 million, an increase of 46 percent over the same period's earnings in 1997. This was a result of higher business volumes resulting in greater net interest income, increased non-interest income combined with a lower provision for loan losses. The bank continues to report a low level of non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. at .18 of 1 percent, ranking Arizona Bank among the best performing banks in the nation. The bank also announced today the agreement with Super K-Mart stores in Tucson to open two new banking facilities at Midvale Park/Valencia and Thornydale/Ina. CONTACT: Arizona Bank, Tucson David T.C. Wright, 520/620-3204 |
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