KINGMAN – After an expansion into the Yavapai County and Phoenix markets, as well as recognition as the Western Bankers Association’s 2018 Bank of the Year, leaders at Mohave State Bank might have been satisfied. According to the bank’s president, however, Mohave State Bank is just getting started.
The bank will change its name to match its ambition of achieving success statewide. The bank will soon be known as State Bank of Arizona, and officials are already planning to open a branch in Phoenix by January.
“It’s a reflection of our long-term strategic goal of becoming Arizona’s premiere community bank,” said Mohave State Bank President Brian Riley.
The bank, which was established in 1991, maintains branches throughout Mohave County; with additional branches under the name, Country Bank, in Yavapai County. After acquiring Prescott-based Country Bank in 2016, Mohave State Bank became the largest community bank in Arizona. The signs and names of those branches will not change, Riley said, for the next several years.
“The name, ‘Mohave State Bank’, is geologically tied to Mohave County,” Riley said. “The change will reflect our goal of serving customers throughout Arizona.”
The bank expanded into the Phoenix with a loan office this summer, and according to Riley, permanent branches will open in Phoenix and Flagstaff next year.
“We’re expecting to change the signs on our existing banks in 2020,” Riley said.
According to an Oct. 30 press release, Mohave State Bank saw a 32 percent growth in net income over 2017 reports. The newly-branded State Bank of Arizona expects significant opportunities for expansion into markets throughout the state as strong economic conditions persist statewide.