Press Releases About TrustBank

TrustBank Announces Arizona Expansion

(March 17, 2006)
TrustBank, a $130 million asset bank headquartered in Olney, Illinois, announced today its intent to expand its operations into Arizona. Bruce Runyon, TrustBank’s President and Chief Executive Officer, said that the bank has signed an agreement to acquire a small bank branch located in Tempe, Arizona. Tempe is located in the fast-growing Phoenix metropolitan area and is the home of Arizona State University.

The Tempe branch is currently owned by Bank of the Southwest, a Phoenix-based Arizona state bank, and is part of a larger transaction in which Bank of the Southwest will combine its operations with another Arizona bank. Although specific financial terms were not disclosed, TrustBank will acquire in a cash transaction certain assets and deposits of the Tempe branch and will also take over the leased space currently occupied by Bank of the Southwest.

In announcing the agreement, Mr. Runyon said, “We have a forward-thinking Board of Directors who is continuously looking at ways to grow our operations and maximize returns for our stockholders. The Arizona economy is growing at an impressive rate, and the Board believes that we have the business plan and key people in place to take advantage of the opportunities presented in this extremely attractive market. The Board also believes that the stable, consistent earnings generated by TrustBank’s southern Illinois operations can support its Arizona operations as the bank builds its business in that region.”