Access Anytime Bancorp (NASDAQ:AABC)
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First State Bancorporation ("First State") (Nasdaq:
FSNM) announced today that it has entered into a definitive agreement
in which it will acquire Access Anytime Bancorp Inc. ("Access")
(Nasdaq SmallCap: AABC) and its wholly owned subsidiary, AccessBank,
in an exchange of 0.791 shares of First State common stock for each
share of common stock of Access. Access is a financial holding company
headquartered in Albuquerque, N.M., and AccessBank is an OTS chartered
financial institution headquartered in Clovis, N.M. AccessBank
operates ten offices in Albuquerque, Clovis, Gallup, Las Cruces, and
Portales, N.M., and Sun City, Ariz.
First State Bancorporation is a $2 billion New Mexico-based
commercial bank holding company that serves communities in New Mexico,
Colorado, and Utah through its wholly owned subsidiary First State
Bank N.M. First State Bank N.M. operates as First Community Bank in
Colorado and Utah. First State has the third-largest deposit market
share in New Mexico, without giving effect to this acquisition. Pro
forma for the acquisition, First State will have total assets of
approximately $2.4 billion, with a total of 40 branches in four
states.
"The acquisition of Access gives us the perfect combination of
bolstering our market share and delivery system within New Mexico, as
well as allowing us an entry into the Phoenix/Scottsdale market in
Arizona," Chief Executive Officer Michael R. Stanford commented. "We
are very excited about the long term potential for growth in Arizona,
a market that we previously identified as one that had a high level of
interest for us. By adding branches in Las Cruces, Gallup, Clovis and
Portales, we will have a virtual statewide presence in New Mexico. By
expanding into Arizona and throughout New Mexico, along with our
existing presence in northern New Mexico, Colorado and Utah, we will
establish the framework that will allow us to carry on our record of
profitable growth for many years to come," continued Stanford.
"This transaction will provide for better recognition of the value
of the Access franchise for our stockholders, and align those
interests with those of First State, a company that has shown very
solid results for its shareholders over a long period of time,"
commented Norman R. Corzine, chairman and CEO of Access.
The transaction, which is subject to regulatory approval and
approval by the shareholders of Access, is expected to close in the
fourth quarter of 2005, with operational integration to follow soon
after.
On Wednesday, Aug. 31, 2005, First State's stock closed at $22.59
per share.
First State will host a conference call to discuss this
acquisition, which will be simulcast over the Internet on Tuesday,
Sept. 6, 2005, at 5 p.m. Eastern time. To listen to the call and view
the slide presentation, visit www.fsbnm.com, Investor Relations. The
conference call will be available for replay beginning Sept. 6, 2005
through Sept. 16, 2005 at www.fsbnm.com, Investor Relations.
Additional Information about the Merger and Where to Find It
In connection with the proposed merger, First State and Access
will file relevant materials with the Securities and Exchange
Commission (the "SEC"), including one or more registration
statement(s) that contain a prospectus and a proxy statement.
Investors and security holders of Access are urged to read these
documents (if and when they become available) and any other relevant
documents filed with the SEC, as well as any amendments or supplements
to those documents, because they will contain important information
about First State, Access and the merger. Investors and security
holders may obtain these documents (and any other documents filed by
First State or Access with the SEC) free of charge at the SEC's Web
site at www.sec.gov. In addition, the documents filed with the SEC by
First State may be obtained free of charge by directing such request
to: Christopher C. Spencer, Senior Vice President and CFO, First State
Bancorporation, 7900 Jefferson N.E., Albuquerque, NM 87109, phone:
505-241-7154, or from First State's Web site at www.fsbnm.com. The
documents filed with the SEC by Access may be obtained free of charge
by directing such request to: Access Anytime Bancorp Inc., 801 Pile
Street, P.O. Box 1569, Clovis, NM 88101, Attention: Corporate
Secretary, 505-762-4417. Investors and security holders are urged to
read the proxy statement/prospectus and the other relevant materials
when they become available before making any voting or investment
decision with respect to the proposed merger.
First State, Access and their respective executive officers and
directors may be deemed to be participants in the solicitation of
proxies from the stockholders of Access in favor of the merger.
Information about the executive officers and directors of First State
and their ownership of First State common stock is set forth in the
proxy statement for First State's 2005 Annual Meeting of Stockholders,
which was filed with the SEC on April 25, 2005. Information about the
executive officers and directors of Access and their ownership of
Access common stock is set forth in the proxy statement for Access'
2005 Annual Meeting of Stockholders, which was filed with the SEC on
March 23, 2005. Investors and security holders may obtain more
detailed information regarding the direct and indirect interests of
First State, Access and their respective executive officers and
directors in the acquisition by reading the proxy statement/prospectus
regarding the acquisition when it becomes available.
Certain statements in this news release are forward-looking
statements, within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934 (the
"Exchange Act"). The discussions regarding our growth strategy,
expansion of operations in our markets, competition, loan and deposit
growth, timing of new branch openings, expansion opportunities
including expanding our mortgage division market share, and response
to consolidation in the banking industry include forward-looking
statements. Other forward-looking statements can be identified by the
use of forward-looking words such as "believe," "expect," "may,"
"will," "should," "seek," "approximately," "intend," "plan,"
"estimate," or "anticipate" or the negative of those words or other
comparable terminology. Forward-looking statements involve inherent
risks and uncertainties. A number of important factors could cause
actual results to differ materially from those in the forward-looking
statement. Some factors include changes in interest rates, local
business conditions, government regulations, loss of key personnel or
inability to hire suitable personnel, faster or slower than
anticipated growth, economic conditions, our competitors' responses to
our marketing strategy or new competitive conditions, and competition
in the geographic and business areas in which we conduct our
operations. Other factors are described in First State's filings with
the Securities and Exchange Commission. First State is under no
obligations to update any forward-looking statements.
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.fsbnm.com.