Printer Friendly

FIRST SECURITY BANK OF IDAHO, THE FIRST NATIONAL BANK OF NORTH IDAHO MERGER APPROVED

 FIRST SECURITY BANK OF IDAHO,
 THE FIRST NATIONAL BANK OF NORTH IDAHO MERGER APPROVED
 COEUR D'ALENE, Idaho, Nov. 27 /PRNewswire/ -- J. Patrick McMurray, chairman and chief executive officer of First Security Bank of Idaho, and Jack W. Gustavel, president and chief executive officer of The First National Bank of North Idaho (FNB), today announced that the office of the comptroller of the currency has approved the merger of FNB into First Security Bank of Idaho. Shareholders of both banks are also expected to approve the merger at separate meetings to be scheduled in the near future.
 FNB shareholders will receive 0.69236 of a share of First Security Corp. common stock for each share held of FNB outstanding on the effective date of the merger, subject to the terms of the merger agreement. The merger cannot be closed until after the expiration of a statutory 30-day waiting period. It is anticipated that the merger will be completed in the first quarter of 1992, according to the chief executives of both banks. First Security Bank of Idaho is a subsidiary of First Security Corp. and traces its beginnings to 1864, making it the oldest bank in the state.
 FNB has full-service banking offices in 10 communities -- Wallace, Coeur D'Alene, Bonners Ferry, Hayden Lake, Kellog, Moscow, Osburn, Priest River, Sandpoint and Rathdrum. Its assets have grown to top $160 million; its deposits total $138 million.
 "We are delighted that The First National Bank of North Idaho will be joining the First Security family," McMurray said. "It is a well-managed, well-capitalized and respected banking organization. Its officers and employees throughout northern Idaho will bring to the First Security network 100 years of banking experience and dedicated customer service to the people and businesses of this important market area. FNB customers will find banking to be a great deal more convenient since they will be able to conduct their business at any First Security office in 51 communities throughout Idaho."
 Gustavel said, "This is an important step in the merger process. We are looking forward to becoming a part of the First Security organization."
 First Security Bank currently serves Idaho through 79 banking offices. It is the second largest bank in the state with assets of $2.5 billion and deposits of $2.0 billion.
 First Security Bank of Idaho is one of four banking subsidiaries of First Security Corporation. With consolidated assets of $6.8 billion, the parent company 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. Its banks operate 192 full-service offices in 114 communities in Idaho, Oregon, Utah and Wyoming. Besides its banks, the corporation's other subsidiaries include a leasing company, two insurance companies, an investment management firm and a full-service broker/dealer operation.
 -0- 11/27/91
 /CONTACT: Bob Mink, 208-799-6288, of First Security; or Jack Gustavel, 208-664-1446, of First National Bank of North Idaho/ CO: First Security Bank of Idaho, First National Bank of North Idaho ST: Idaho IN: FIN SU: TNM


EH-KJ -- DV002 -- 7636 11/27/91 09:03 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 27, 1991
Words:520
Previous Article:JB'S RESTAURANTS INC. COMPLETES HOMETOWN BUFFET AGREEMENT; ENTERS MID-PRICED BUFFET SEGMENT
Next Article:SUPPLEMENTAL ENVIRONMENTAL ASSESSMENT COMPLETED ON FLORIDA PANTHER CAPTIVE BREEDING PROGRAM
Topics:


Related Articles
FIRST SECURITY BANK OF IDAHO, FIRST NATIONAL BANK OF NORTH IDAHO ANNOUNCE COMPLETION OF MERGER
WEST ONE BANCORP TO ACQUIRE IDAHO STATE BANK
WEST ONE BANCORP TO ACQUIRE NATIONAL SECURITY BANK HOLDING COMPANY
Zions Bancorporation and First Security Corporation Announce Agreement With Department of Justice to Divest Selected Branches in Utah and Idaho.
First Security Corporation and Zions Bancorporation Receive Merger Approval From Federal Reserve Board.
Zions Bancorporation and First Security Corporation Announce Signing of Purchase Agreement for Divested Branches And Consolidation of Retail Branch...
BancWest Will Acquire 68 Utah, Idaho Branches Divested in Zions-First Security Merger.
First Security Shareholders Vote in Favor of Merger With Wells Fargo & Company.
Glacier Bancorp, Inc. Announces Acquisition of Certain Wells Fargo and First Security Bank Branches in Idaho and Utah.
Glacier Bancorp, Inc. Announces Merger With Citizens Development Company.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters