Message #5 From:
NewsBot Date: September 6, 2006 01:22:00 PM
SSBX News Silver State Bancorp Completes Acquisition of Choice Bank
HENDERSON, Nev.--(BUSINESS WIRE)--Sept. 6, 2006--Silver State Bancorp (OTCBB:SSBX), the holding company for Silver State Bank, announced today that it has completed the previously announced acquisition of Choice Bank of Scottsdale, Arizona, as of September 5, 2006.
The transaction was valued at approximately $31.2 million. Under the terms of the agreement, stockholders of Choice Bank received $27.50 per share in cash for each share of Choice Bank owned.
Corey Johnson, President and Chief Executive Officer of Silver State Bancorp, commented, "We are delighted to welcome our new customers and extend our commitment to providing the highest level of quality financial services to Choice Bank customers and local communities."
Choice Bank will continue to operate as a subsidiary of Silver State Bancorp. As a result of the merger, Silver State Bancorp now has consolidated assets of over $1 billion and 11 branches in Nevada and Arizona. This is the first bank acquisition for Silver State Bancorp.
Henderson-based Silver State Bancorp operates nine full service branches in southern Nevada through its wholly owned subsidiary, Silver State Bank and eight loan production offices located in Nevada, California, Washington, Oregon, Utah, Arizona and Colorado. The Company is listed on the O-T-C Bulletin Board under the symbol SSBX.OB.
