GUNNISON VALLEY BANK MERGE WITH STATE BANK OF SOUTHERN UTAH

OFFICIAL PRESS RELEASE, 12-31-2018 - State Bank of Southern Utah (“State Bank”) is pleased to announce that Gunnison Valley Bank will merge with State Bank and become a State Bank branch in Gunnison, Utah. Eric J. Schmutz, President and CEO of State Bank announced that both boards of directors have approved the merger and a definitive agreement has been signed. The transaction is subject to approval by regulators and Gunnison Valley Bank shareholders and is expected to occur in the first quarter of 2019. The Gunnison Valley Bank office, located at 10 South Main in Gunnison Utah, will bear the State Bank name following the merger.
State Bank currently operates 13 full-service offices located in Fillmore, Richfield, Circleville, Tropic, Orderville, Kanab, Santa Clara, St. George, Hurricane, Parowan and Cedar City. This will be their first office located in Sanpete County.
“We are pleased to be a part of Sanpete County and serve the individuals and businesses who share the vision of true community banking” said Schmutz. “State Bank will bring more technology and banking products to customers in the area, such as online and mobile banking products, remote deposit capability, debit and credit card services, and greater ATM access just to name a few benefits. We look forward to being part of the community and helping residents achieve their goals. State Bank’s $1.1 billion in assets will provide strength and stability for Sanpete County.”
Paul Anderson, President and CEO of Gunnison Valley Bank stated “we are pleased to join with State Bank and view this merger as a benefit to our many loyal bank customers. I am pleased to know that community banking will continue for many years to come in Gunnison Valley”.
State Bank of Southern Utah was advised in the transaction by Raymond James & Associates, Inc. as financial advisor, and Lewis Roca Rothgerber Christie LLP as legal counsel. Gunnison Valley Bank was advised by Shapiro Bieging Barber Otteson LLP as legal counsel.