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FNB New Mexico to buy Community 1st Bank branch

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FNB New Mexico to buy Community 1st Bank branch

Clayton,N.M.-based FNB New Mexicois seeking to acquire certain assets and assume certain liabilities of Las Vegas,N.M.-based Community 1st Bank LasVegas' Santa Rosa, N.M., branch, according to a regulatory filing obtainedby SNL.

Thepurchase price was undisclosed.

Underthe agreement, FNB will assume all the deposits and loans, including any unfundedcommitments or lines of credit, warranties and records of the Santa Rosa branch.The acquisition excludes real property and personal property.

Theagreement also stipulates that Community 1st will not establish another branch oroffice in Guadalupe County, two years after the deal closes.

Theboards of both banks have approved the transaction. No shareholder approval is required.

Accordingto the filing, FNB intends to expand operations in Santa Rosa and Guadalupe County.

Thedeal is expected to close on or about June 30.

Asper SNL data, FNB New Mexico, a unit of UnionBancShares Inc., had $205.8 million in total assets as of March 31.Community 1st Bank, a unit of FNBFinancial Corp., had $126.7 million in total assets as of March 31.