LAKEWOOD, Colo., Feb. 20, 2013 (GLOBE NEWSWIRE) -- Solera National Bancorp, Inc. (OTCQB:SLRK) , announced today that its wholly-owned banking subsidiary, Solera National Bank, has entered into a Purchase and Assumption agreement with Liberty Savings Bank, FSB, headquartered in Wilmington, Ohio, whereby Solera will assume approximately $12 million of customer deposits from Liberty's Lakewood, Colorado branch. The transaction is subject to regulatory approvals and is expected to close in the second quarter of 2013.
"This transaction will bring approximately 800 new accounts to Solera and is a great fit for our expanding franchise," said Douglas Crichfield, President and CEO of Solera National Bancorp, Inc. "We welcome these customers to the Solera family. They will enjoy the personalized service we offer along with a full range of personal and business banking products to meet their needs. We look forward to working closely with Liberty over the next few months to ensure a seamless transition for these acquired relationships."
"The transaction is expected to be immediately accretive to our earnings, and provide further opportunities to expand our lending activities both through our commercial banking platform and our new residential mortgage operation," Crichfield continued.Additional benefits and details for the transaction are as follows:
- Substantial 18% increase in core deposits, with no time deposits included in the transaction;
- Improves the value of the banking franchise and improves efficiency of existing branch;
- Estimated 5 basis points improvement in the cost of deposits;
- With no purchase of premises, the transaction allows for considerable cost savings;
- Ease of integration with acquired branch given close proximity to Solera;
- Opportunity to capture additional market share through cross-selling of other products and services to new customers.