Access Anytime Bancorp (NASDAQ:AABC)
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First State Bancorporation (NASDAQ:FSNM) ("First
State"), New Mexico's largest locally managed bank holding company,
today announced that it has completed its acquisition of Access
Anytime Bancorp Inc. (NASDAQ:AABC) ("Access Anytime").
Pursuant to the merger agreement, Access Anytime merged (the
"merger") with and into First State, with First State as the surviving
entity. Access Anytime stockholders will receive .791 shares of First
State common stock for every share of Access Anytime common stock they
hold. As a result of the merger, First State will issue approximately
1.5 million shares of First State common stock. Concurrently, First
Community Bank, a wholly owned subsidiary of First State, completed
its acquisition of AccessBank, a wholly owned subsidiary of Access
Anytime, pursuant to the terms of a subsidiary agreement and plan of
merger, with First Community Bank as the surviving bank.
"The completion of our acquisition of Access Anytime strengthens
our statewide presence in New Mexico and provides significant
opportunities in Arizona to expand our operations," commented
President and Chief Executive Officer Michael R. Stanford. "Our
management team continues to work diligently to ensure a smooth
integration over the next several months," continued Stanford.
The completion of this acquisition increases the number of
branches in the First State system to 41, giving it a presence in New
Mexico, Colorado, Utah, and now Arizona. The newly acquired locations
in Albuquerque, Gallup, Clovis, Portales and Las Cruces, N.M., and Sun
City, Ariz., will operate under the First Community Bank name.
On Tuesday, Jan. 3, 2006, First State's stock closed at $24.29 per
share.
About First State
First State Bancorporation is a New Mexico-based bank holding
company. First State Bancorporation provides commercial banking
services to businesses through its subsidiary bank, First Community
Bank. Prior to the acquisition of Access Anytime, First State
Bancorporation operated 31 branch offices, including 23 in New Mexico
(three offices in Taos, nine offices in Albuquerque, four offices in
Santa Fe, and one office each in Rio Rancho, Los Lunas, Bernalillo,
Pojoaque, Placitas, Moriarty, and Belen), six in Colorado (Denver,
Colorado Springs, Fort Collins, Lakewood, Littleton, and Longmont),
and two in Utah (Midvale and Salt Lake City). In addition, First
Community Bank's residential mortgage origination division operates in
all three states as First Community Mortgage.
Forward-Looking Statements
This communication contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are based
on First State current expectations and beliefs and are subject to a
number of risks, uncertainties and assumptions that could cause actual
results to differ materially from those described in the
forward-looking statements. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. Because forward-looking statements involve risks and
uncertainties, actual results and events may differ materially from
results and events currently expected by First State. For a detailed
discussion of these statements, please refer to First State's filings
with the SEC, especially in the "risk factors" sections of First
State's Annual Report on Form 10-K for the year ended Dec. 31, 2004,
and in subsequent filings with the SEC. First State assumes no
obligation and expressly disclaim any duty to update the information
contained herein except as required by law.
First State's news releases and filings with the Securities and
Exchange Commission are available through the Investor Relations
section of First State's Web site at www.fcbnm.com.