On Friday, Plaza Bank announced that they acquired certain assets and assumed certain liabilities of SouthwestUSA Bank in a purchase and assumption agreement, including loss share arrangement, with the Federal Deposit Insurance Corporation. SouthwestUSA Bank is a Las Vegas, Nevada-based company. Today, the SouthwestUSA Bank branch will reopen as a branch of Plaza Bank.
Depositors of SouthwestUSA Bank will automatically become depositors of Plaza Bank, and the FDIC will continue to insure deposits. Current SouthwestUSA Bank customers can continue to access their money through writing checks or using their current ATM or debit cards. Checks drawn on the Bank will continue to undergo processing. Loan customers should continue to make their payments as usual.
Plaza Bank is working closely with former SouthwestUSA employees. This is to ensure that customers will be able to conduct banking activities as usual. Plaza Bank representatives will be onsite at the SouthwestUSA Bank location throughout this transition. This is to assist with any customer questions and to begin integration operations. Notice of any changes from Plaza Bank will post online at www.plazabank.net and within all branch locations.
Gene Galloway, President of Plaza Bank, stated, “This acquisition allows us to expand our presence into the Las Vegas market and we are excited to welcome our new banking clients to the Plaza Bank family. We see many overlaps between these markets and recognize that our strong business product line paired with SouthwestUSA’s private and professional banking makes for a great partnership. As a long time Las Vegas resident, I look forward to re-engaging with this community to support its future growth and recovery.”
PB Holdings, Inc. is Plaza Bank’s majority shareholder. PB Holdings, Inc. is a wholly owned subsidiary of the Carpenter Community BancFund, a bank holding company with $280 million in committed capital.
Mr. Galloway said, “We are very pleased to have the support of a strong capital partner like the Carpenter Community BancFund and its affiliate Carpenter & Company.”
As of June 30, 2010, Plaza Bank had $193.9 million in assets, $152 million in deposits, and $147.8 million in loans net of allowance. Plaza Bank expects the acquisition to be immediately accretive to operating earnings per share. The transaction will increase Plaza Bank’s assets to approximately $409 million and deposits to approximately $323 million.
Terry Robinson, California based CEO of Plaza Bank, said, “The Plaza Bank Board and senior management believe that entry into the Las Vegas market is not only a welcome alliance for California customers, but also a sound strategic move that will strengthen both divisions of the combined franchise.”
Headquartered in Irvine, California, Plaza Bank is a full-service professional business bank. Their focus is on meeting the financial needs of the small business customer. They work to accomplish this with innovative diverse products and personalized service.
For more information visit: www.plazabank.net