Candace Wiest, president and CEO of West Valley National Bank, announced WVNB has entered into an agreement with National Bank of Arizona to acquire all of the assets and deposits of the Gila Bend branch of NBA. The transaction is anticipated to increase WVNB’s asset size by 20 percent.
“As the West Valley’s only locally owned community Bank, we are delighted to be able to increase our asset size by increasing our footprint throughout the West Valley,” Wiest said. “We believe the small businesses, medical and dental professionals and retail clients in Gila Bend provide the Bank with an opportunity for loan and deposit growth. In return we are committed to providing the Gila Bend community the same great service and community leadership we have demonstrated in the West Valley communities and the metro area. I am also delighted to announce we intend to retain all of the existing stakeholders currently employed at NBA. “
This transaction is anticipated to close during the first quarter of 2015 subject to regulatory approval