(May 15, 2006)
TrustBank,
a $130 million asset bank headquartered in Olney, Illinois, announced
today the completion of its acquisition of the Tempe, Arizona,
branch of Phoenix-based, Bank of the Southwest. The acquisition
included certain specific assets and deposits of the branch located
at 7910 S. Kyrene Road, Suite 107 in Tempe, Arizona. This was a
cash transaction and part of a larger acquisition by a third party
of Bank of the Southwest. Terms of the deal were not disclosed.
In announcing completion of the transaction, Bruce Runyon,
TrustBank’s
President and CEO, said, “This is a major milestone in reaching
our goal of growing our operations and enhancing returns for our
stockholders. We have the business plan and key people in place
to take advantage of the opportunities presented in this extremely
attractive market.” Mr. Runyon added, “The consistent
earnings generated by TrustBank’s southern Illinois operations
will easily support this growth and allow us to build our Arizona
business.”
Mr. Runyon said, “This acquisition will serve as an entrée
into the expanding Arizona economy and provide an excellent opportunity
to grow TrustBank. By offering a full range of banking services
including commercial loans, free checking and a cash back Mastercard,
all combined with our own style of personal service, we make TrustBank ‘The
Only Bank You'll Ever Need’.”
TrustBank is also pleased to announce that Jay Cross will become
its Arizona Branch President. Cross is a long time resident of
Arizona and has more than 25 years of experience in growing businesses
in customer service oriented markets around the world. Cross
holds a B.S. in Industrial Engineering from Millikin University,
and
an Executive MBA from Ohio State, in addition to studying Industrial
Marketing at Wharton.
Cross stated, “TrustBank’s commitment to service, full
range of capability and customer oriented culture will truly
differentiate our bank in Arizona. I look forward to the opportunity
to serve
our local customers and grow the bank for our stake holders.” To
contact TrustBank’s new Tempe branch, call 480-598-5300
or e-mail Mr. Cross at jay.cross@trustbank.net.
TrustBank is an Illinois state bank and a wholly-owned subsidiary
of Rich Land Bancorp, Inc. TrustBank’s main office is located
in Olney, Illinois, and it has three branch offices located in
Olney, Illinois; Cisne, Illinois; and Tempe, Arizona. On December
31, 2005, Rich Land Bancorp had total consolidated assets and stockholders’ equity
of approximately $131 million and $16 million, respectively.
Press
Releases About
TrustBank
