A Grand Junction-based bank expects to expand its operation with the acquisition of a branch operation in Utah.
Grand Valley Bank, doing business as Heber Valley Bank, has announced plans to acquire the Park City branch of Frontier Bank. Subject to approval by bank regulators, the change will occur near the end of this year. Heber Valley Bank is part of Grand Valley Bank.
Frontier Bank recently moved its administrative operations to Palm Desert, Calif., where the bank operates three branches as El Paseo Bank.
The Park City acquisition will bring to eight the total number of locations for Grand Valley and Heber Valley Bank in Colorado and Utah.
Grand Valley Bank operates two locations in Grand Junction as well as locations in Fruita and Collbran. The other Utah locations are in Heber City, Midway and Vernal.
Bank assets total about $273 million.
Curt Taylor, president and chief executive officer of Grand Valley Bank, said he’s looking forward to conducting business in the Park City area.
“We intend to build on what Frontier has done, to provide true community banking in the Park City community,” Taylor said. “We subscribe to the old school method of banking. We offer a safe place for members of the community to place their deposits and a helpful place to borrow money. We try to keep it all as uncomplicated as possible.”
“As the only financial institution with its headquarters on the Wasatch Back, we are pleased to extend our footprint to include this key part of that important economy,” Taylor added. “Park City customers will continue to be served by most of the same high-quality staff who have been serving them in the past. A few new faces may be added in the future.”
Joe Kiley, president and CEO of Frontier Bank, said the decision to sell the Park City branch didn’t come easy. “While a very difficult decision given our history in Park City, this sale allows us to consolidate our banking operations in a much smaller footprint, thereby achieving efficiencies while increasing capital.”
When the changeover happens, depositors of Frontier Bank will automatically become depositors of Grand Valley Bank. Grand Valley Bank also will acquire Frontier Bank automated teller machines in Park City. A few loans will be transferred to Grand Valley Bank, but most loans will remain with Frontier.
As the transaction progresses, the banks will be in touch with each customer to explain what they can expect.