LAKE HAVASU CITY, Ariz., April 23, 2014 (GLOBE NEWSWIRE) -- State Bank Corp. (OTCBB:SBAZ) ("Company"), the holding company for Mohave State Bank ("Bank"), today announced that the Federal Deposit Insurance Corporation and the Arizona Department of Financial Institutions have officially terminated the Consent Order issued against Mohave State Bank effective April 9, 2014. The Consent Order was originally entered into on February 8, 2010.
"We are extremely pleased to announce that the conditions of our Consent Order are now fully satisfied. This is a monumental step forward for Mohave State Bank and State Bank Corp. Our banking professionals have worked diligently over the last few years to make this happen," commented Brian M. Riley, President and Chief Executive Officer.
About the Company
State Bank Corp., headquartered in Lake Havasu City, Arizona, is the parent company of Mohave State Bank, the largest locally-owned bank in Mohave County. Mohave State Bank is a full-service bank providing deposit and loan products, and convenient on-line banking to individuals, businesses and professionals. The Bank was established in October 1991, and the holding company was formed in 2004. The Bank has six full-service branches: two in Lake Havasu City, two in Kingman, one in Bullhead City, and one in Yuma, Arizona. The Company is traded over-the-counter as SBAZ. For further information, please visit the web site: www.mohavestbank.com.