First State Bancorporation Completes Sale of Colorado Branches
26 Giugno 2009 - 11:56PM
Business Wire
First State Bancorporation (�First State�) (NASDAQ: FSNM) today
announced that it has completed the sale of its Colorado branches
to Great Western Bank, a South Dakota-based subsidiary of National
Australia Bank. The terms of the transaction call for the transfer
of approximately $385 million in loans, $509 million in deposits,
$20 million of premises and equipment and other assets, and the
payment of a deposit premium of approximately $30 million. After
the write-off of the core deposit intangible associated with these
deposits and transaction costs, First State expects to record a
pretax gain of approximately $23 million.
�This transaction will boost our total risk-based capital ratio
at both the bank and holding company levels to above 11.0%,
compared to 9.0% at the bank and 8.9% at the holding company as of
March 31, 2009, bringing us back to a well-capitalized position
under regulatory guidelines at June 30, 2009,� explained Michael R.
Stanford, President and Chief Executive Officer of First State.
�This transaction has solidified our capital position and is a
decisive step to protecting our legacy New Mexico market and our
independence. These capital ratios also do not include the more
than $55 million that we have in our allowance for loan losses that
is not part of the capital calculation, which further insulates our
balance sheet from future losses in our loan portfolio,� continued
Stanford.
ABOUT FIRST STATE
First State Bancorporation is a New Mexico based commercial bank
holding company (NASDAQ: FSNM). First State provides services,
through its subsidiary First Community Bank, to customers from a
total of 40 branches located in New Mexico and Arizona. On Friday,
June 26, 2009, First State�s stock closed at $2.00 per share.
ADDITIONAL INFORMATION AND WHERE TO
FIND IT
Certain statements in this news release are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 (the
�Exchange Act�). These statements are based on management�s current
expectations or predictions of future results or events. We make
these forward-looking statements in reliance on the safe harbor
provisions provided under the Private Securities Litigation Reform
Act of 1995.
First State�s news releases and filings with the Securities and
Exchange Commission are available through the Investor Relations
section of First State�s website at www.fcbnm.com.
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