KINGMAN - The Stockmen's Bank President and CEO Farrel Holyoak confirmed that his bank had inked an agreement on Monday to merge with Phoenix-based National Bank of Arizona.
Stockmen's Bancorp, Inc. will merge into Zions Bancorporation, and Stockmen's subsidiary, The Stockmen's Bank, will merge into Zions' subsidiary, National Bank of Arizona.
The agreement provides for the issuance of 2,571,559 shares of Zions common stock for all of the equity interests of Stockmen's Bancorp, Inc.
The Stockmen's Bank, with $1.2 billion in total assets, operates seven branches across Mohave County and has its corporate headquarters in Kingman.
Holyoak said that nothing would change in all branches in the county, except customers would get better services in the near future.
"They did not have any branches in this market at all. They want to be in this market, and that is the reason why they bought our bank," Holyoak said.
This merger, according to Holyoak, would not result in any reshuffling or laying off of employees as some mergers do in different markets. All the branches would remain in the same location and their sizes would not change a lot.
"All our employees will be in place and our customers will still be handled by the same employees that we had in the past at the same locations," Holyoak said.
The National Bank of Arizona has a good reputation in online banking and other banking-related technologies, and Holyoak said he would definitely introduce those advanced technologies into local branches.
"Joining with National Bank of Arizona provides our clients with the best of both worlds - access to state-of-the-art banking products and services while maintaining the value created by long-standing personal relationships," Holyoak said.
The Stockmen's Bank has 31 branches in Arizona and California, and the National Bank of Arizona has about 50 branches in the state. After the merger, Holyoak said his customers could enjoy direct banking service from about 80 branches across the region.
"It's really something our customers will enjoy," Holyoak said.
Holyoak said the merger was not expected to be finalized until the first of quarter of 2007, given the merger is subject to the approval of Stockmen's shareholders and banking regulators.
Holyoak will be appointed as regional president of the National Bank of Arizona after the merger and will supervise the bank's operation in Western Arizona and California.