ST. GEORGE — People’s Intermountain Bank and Town & Country Bank, Inc., have announced an agreement to merge in January 2018.
Subject to regulatory and shareholder approval, the Town & Country Bank office and the Bank of American Fork branch will be joined in St. George. Upon consolidation, the combined entity will be a division of People’s Intermountain Bank and will operate under the name People’s Town & Country Bank.
“The successes and strengths of these two banks will complement each other in building the St. George community. In addition, this merger will allow the two banks to share the many expenses that are hurting community banks,” People’s Intermountain Bank said in a news release. “The increase in expenses, decrease in profits and new government regulations over the past few years have made it harder for small banks to continue operating as they have done in the past.”
People’s Town & Country Bank will also be able to offer mortgage loans following the merger. Bank of American Fork mortgage officers will be able to help individuals and families get into homes with quick turnaround thanks to in-house underwriting.
“We believe it will be highly beneficial to our customers to have access to the additional resources that will come from joining the People’s Intermountain Bank family,” Kurt Johnson, chairman of the board of Town & Country Bank, said.
“We also anticipate being able to support more community projects that are important and valuable to the St. George community,” Johnson said. “This merger will add substantial capital and other new technologies and products to Town & Country Bank that have not been available before.”
People’s Town & Country Bank will also be able to support larger projects that may have gone to bigger banks in the past. The combined People’s Town & Country Bank division in St. George will have loans of approximately $133 million and deposits of $128 million.
“We are excited to combine the strengths of Bank of American Fork and Town & Country Bank in this community-bank merger,” Brad Stucki, the head of the new People’s Town & Country Bank division, said.
Bank of American Fork branches in other areas will not be affected by this St. George area name change. The merger is part of a larger bank-wide strategy to establish a community banking network with local names throughout Utah and potentially in adjoining states.
“We appreciate the unique style of customer service that Town & Country Bank has created. We look forward to working with customers and employees to preserve some of the most-important aspects of that style,” Richard Beard, president and CEO of People’s Utah Bancorp, said. “The People’s Town & Country Bank division will allow us to continue the community-banking tradition so important to American small business while spreading the high regulatory and operating costs of banking over a broader base.”
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