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Heber Valley Bank will acquire the Park City branch of Frontier Bank, FSB under an agreement just announced by the two banks. Subject to approval by bank regulators, the change will take place near the end of 2012.
Heber Valley Bank is part of Grand Valley Bank, headquartered in Heber City, Utah. The new Park City branch location will be the 8th for the bank. Other Utah branches are located in Heber City, Midway, and Vernal. Colorado branches are located in Grand Junction (2), Fruita and Collbran. Total assets of the bank are about $273 million, making it the 6th largest state-chartered community bank in Utah.
Although Frontier Bank’s headquarters are in Park City, it moved its entire administration, including all executive management, to Palm Desert, California, where they operate three branches as El Paseo Bank. “While a very difficult decision given our history in Park City, this sale allows us to consolidate our banking operations in a much smaller footprint, thereby achieving efficiencies while increasing capital,” said Frontier President and CEO Joe Kiley.
Heber Valley Bank’s President and CEO Curt Taylor expressed enthusiasm for the opportunity to do business in the Park City area. “We intend to build on what Frontier has done, to provide true community banking in the Park City community,” he said. “We subscribe to the ‘old school’ method of banking. We offer a safe place for members of the community to place their deposits, and a helpful place to borrow money. We try to keep it all as uncomplicated as possible.”
Heber Valley Bank offers online banking and check images, automated payments and deposits, electronic statements, remote deposit of checks, and mobile banking. Heber Valley Bank will also acquire Frontier’s ATMs in Park City.
When the changeover happens, depositors of Frontier Bank will automatically become depositors of Heber Valley Bank. A few loans will be transferred to Heber Valley Bank, but most loans will remain with Frontier. As the transaction progresses, the banks will be in touch with each customer to explain what they can expect. Before and after the transaction, deposits will be insured by the FDIC.
“As the only financial institution with its headquarters on the Wasatch Back, we are pleased to extend our footprint to include this key part of that important economy,” Taylor said. “Park City customers will continue to be served by most of the same high-quality staff that has served them in the past. A few new faces may be added in the future.”