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.
- 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.