FIRST SECURITY ACQUIRES UTAH BANK & TRUST
FIRST SECURITY ACQUIRES UTAH BANK & TRUST SALT LAKE CITY, Dec. 26 /PRNewswire/ -- First Security Corp.
(NASDAQ: FSCO) today completed the acquisition of Utah Bank & Trust and merged it into First Security Bank of Utah. The merger brings the number of First Security full-service banking offices throughout Utah to 105 and adds $75 million in assets, $65 million in deposits and $40 million in loans to First Security's balance sheet.
L. Scott Nelson, chairman and chief executive officer of First Security Bank of Utah, said, "We are delighted that Utah Bank & Trust has joined the First Security family. It is a well-managed, well- capitalized, profitable and respected banking organization. Its officers and employees bring to the First Security network 28 years of banking experience and dedicated customer service to the people of Davis and Salt Lake Counties. "Utah Bank & Trust customers will continue to find many of the same staff members and officers on hand to serve them as before the merger. They will be able to bank at four of Utah Bank & Trust's five former offices, which will open for business as usual on Dec. 27 as branches of First Security Bank of Utah, as well as at First Security's 101 other offices throughout Utah." Customer accounts and other operations at the Utah Bank & Trust office at 800 East 2100 South in Salt Lake City will be consolidated into First Security's Sugar House branch at 1095 East 2100 South. Of the new First Security offices, two are in Salt Lake County and one each is in Bountiful and Centerville. Frank B. Newman, chairman of Utah Bank & Trust, said, "With the merger, our customers, both individuals and businesses alike, will have a greater choice of products and services to meet their banking and financial needs. Banking will also be much more convenient since our customers can conduct their business at any of First Security's 105 offices located in 57 communities throughout Utah. As part of a $6.8 billion banking system in Utah, Idaho, Oregon and Wyoming, our Utah Bank & Trust offices will be much better positioned to compete effectively in the financial marketplace." Shareholders of Utah Bank & Trust will receive shares of First Security common stock in exchange for their Utah Bank shares. First Security, parent company of First Security Bank of Utah, is the largest financial services organization headquartered in the Intermountain West. Incorporated in 1928, it is the oldest multistate bank holding company in the United States. It operates 195 full- service banking offices in Utah, Idaho, Oregon and Wyoming. Other subsidiaries include a leasing company, two insurance companies, an investment management firm and a full-service broker/dealer operation. -0- 12/26/91 /CONTACT: Phil Hudson of First Security, 801-350-5258/ (FSCO) CO: First Security Corp.; Utah Bank & Trust; First Security Bank of Utah ST: Utah IN: FIN SU: TNM
BB -- DV004 -- 5311 12/26/91 13:38 EST
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|Date:||Dec 26, 1991|
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