LAKE HAVASU CITY, Ariz., Oct. 09, 2018 (GLOBE NEWSWIRE) -- State Bank Corp. (OTCPink: SBAZ) (“Company”), the holding company for Mohave State Bank (“Bank”), today announced it plans to rename the Bank “State Bank of Arizona.” It has also applied for a branch location in Phoenix, following the success of its loan production office, which opened in the Camelback/Biltmore neighborhood earlier this year.
“Our bank has succeeded in Arizona for more than 27 years, because we focus on providing the best service with competitive rates to our customers. Rebranding to State Bank of Arizona will help us execute on the vision of becoming Arizona’s premier community bank,” stated Brian M. Riley President and Chief Executive Officer. “We are proud of our long-term success, our heritage of financial security and reliability, and plan to continue building on it. We are confident that our exciting new approach to the Arizona marketplace will foster even greater innovation, efficiency and customer service on both a short- and long-term basis.”
For now, the company will continue to operate as Mohave State Bank in Mohave County and Country Bank in Yavapai County, with both operating as divisions of State Bank of Arizona.
In May, the company opened its first Phoenix location in the Camelback Commons building in the Camelback/Biltmore neighborhood, a loan production office, located at 4742 N. 24th Street. It has also filed an application for a full-service branch office to open in this same location later this year.
“We continue to expand our community banking presence throughout Arizona,” said Riley. “We have generated significant growth over the last year, and we see significant opportunities in the greater Phoenix marketplace. The banking landscape is changing, with fewer community banks and larger banks closing offices. More than ever, there is a need for flexible business financing and timely decision making, and as a locally-owned bank, that is what we provide.”
An experienced team of business bankers in Phoenix, led by 30-year bank veteran Chris Orlowski, Senior Vice President and Phoenix Market President, will focus on providing local businesses with term loans and lines of credit, commercial real estate and construction financing, along with a full range of cash-management services. Orlowski was formerly with UMB and National Bank of Arizona and has relationships with many long-standing Phoenix-based businesses.
About the Company
State Bank Corp., headquartered in Lake Havasu City, Arizona, is the parent company of State Bank of Arizona, the largest locally-owned bank in Arizona. State Bank of Arizona 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. Specializing in providing exceptional customer service and investing in its local communities, State Bank of Arizona was named 2018 Bank of the Year by Western Independent Bankers. The Bank has nine full-service branches: two in Lake Havasu City, two in Kingman, two in Prescott, one in Bullhead City, one in Prescott Valley, and one in Cottonwood, Arizona. The Bank also operates loan production offices in Sedona and Phoenix, AZ. The Company is traded over-the-counter as SBAZ. For further information, please visit the web site: www.statebankaz.com
Forward Looking Statement
This press release may include forward-looking statements about State Bank Corp. and State Bank of Arizona. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: the expected cost savings, synergies and other financial benefits from the completed merger might not be realized within the expected time frames or at all. Annualized, pro forma, projected and estimated numbers in this press release are used for illustrative purposes only, are not forecasts and may not reflect actual results. All forward-looking statements included in this press release are based on information available at the time of the release, and State Bank Corp. and State Bank of Arizona assume no obligation to update any forward-looking statements.
Contact:
Brian M. Riley, President & CEO
Craig Wenner, EVP & CFO
928 855 0000
www.mohavestbank.com