Printer Friendly

AMFED UNIT TO ACQUIRE YERINGTON DEPOSITS AND LOANS FROM PIONEER CITIZENS BANK

 RENO, Nevada, Aug. 20 /PRNewswire/ -- AMFED Financial, Inc. (NASDAQ: AMFF), the holding company for American Federal Savings Bank (ASFB), and Pioneer Citizens Bank of Nevada (NASDAQ-OTC: 3PNCZ) today announced that both boards of directors have agreed to a transaction in which AFSB will acquire $7.5 million in loans along with the $19 million in deposits of Pioneer's branch in Yerington, Nevada.
 "This acquisition is an excellent opportunity for us to expand our real estate lending presence and broad range of savings services in the area," said E.R. Houston, AMFED's chairman and chief executive officer. "The addition of Pioneer's Yerington branch strengthens our positions in the west-central Nevada market. We are looking forward to welcoming Pioneer's customers to American Federal.
 "Yerington will be the third deposit acquisition we have made in the past year. Our goal is to build a strong franchise throughout Nevada, which is one step toward maximizing shareholder value," Houston added. "We are committed to carrying out our plan to increase the size of American Federal internally as well as through profitable acquisitions." AFSB brought deposits in Fallon, Nevada from California Federal Bank, from First Western Bank in October 1992.
 "After nineteen years of service to the Yerington community, we very much wanted to insure that our customers would continue to enjoy friendly service from a high quality institution. We are pleased that American Federal, a strong, respected institution that offers many products and services, will continue to assist our customers. We will make every effort to assure a smooth transition for customers and employees," stated William E. Martin, Pioneer's president and chief executive officer.
 Yerington is located 50 miles southeast of Carson City. Following the merger of the two branches, AFSB's Yerington branch will have approximately $38 million in deposits. Subject to regulatory approval, the closing and transfer of accounts is scheduled for mid-November, 1993.
 AMFED Financial is the holding company for American Federal Savings Bank, which operates 26 full-service offices throughout Nevada. Twenty of the offices are in Northern Nevada, which includes the Reno/Carson City/Lake Tahoe region and six are in Southern Nevada (Las Vegas). At June 30, 1993, AMFED's shareholder equity was $91.4 million; book value was $21.85 per share and tangible book value was $21.73 per share. American Federal's tangible capital ratio is 9.88 percent and its risk- based capital ratio is 20.66 percent, which are substantially above regulatory minimums. At June 30, 1993, AMFED'S assets totaled $719.1 million compared to $708.2 million at the end of 1992. Yesterday, AMFED's stock closed the trading day at $23 per share.
 -0- 8/20/93
 /CONTACT: E.R. Houston, chairman & CEO of AMFED Financial, Inc., 702-785-8500, or William E. Martin, president & CEO of Pioneers Citizens Bank, 702-688-7900/


CO: AMFED Financial, Inc.; Pioneers Citizens Bank ST: Nevada IN: FIN SU: TNM

TM -- NY003 -- 4592 08/20/93 07:50 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 20, 1993
Words:484
Previous Article:ADVANCED INTERVENTIONAL SYSTEMS ANNOUNCES VICE PRESIDENT OF SALES
Next Article:DISEASE DETECTION INTERNATIONAL, INC., WINS ARBITRATION BATTLE WITH EDITEK, INC. OVER VALUABLE PATENT RIGHTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters