Laughlin bank acquiring Arizona operation for $13.3 mil.

Monday, Nov. 13, 2000 | 11:43 a.m.

First National Bank of Nevada Holding Co. of Laughlin announced a definitive agreement to acquire Rocky Mountain Bank of Chandler, Ariz., for $13.3 million in cash.

The transaction would make Rocky Mountain Bank the third subsidiary of the holding company, which already owns Laughlin-based First National Bank of Nevada and Scottsdale, Ariz.-based First Bank of Arizona. Rocky Mountain operates nine branches in Arizona in the Phoenix metropolitan area, Show Low and Payson; First Bank of Arizona has eight in the Phoenix area and Bullhead City; and First National Bank of Nevada has seven branches in Las Vegas, Laughlin, Reno and Carson City.

Company officials said the merger will help extend the company's strategy of placing bank branches in Wal-Mart stores -- seven of the nine Rocky Mountain branches are in Wal-Mart stores, compared to six Wal-Mart branches operated by First Bank of Arizona and First National Bank of Nevada. The two companies also share a focus of lending to the commercial and small business markets.

However, there are no plans to rename any Rocky Mountain Bank branches, company officials said.

First National Bank of Nevada has aggressive growth plans, with plans to add five additional branches in Wal-Marts in Las Vegas and Reno by the end of 2001. The company also plans to open two Wal-Mart-based Bank of Arizona branches in January.

First National Bank of Nevada Holding Co. was formerly known as Laughlin National Bank.