The merger of First Security Corp. and Deseret Bancorp. was announced Tuesday.
Deseret Bank's six banking offices will merge into First Security Bank of Utah, with Deseret Bancorp. shareholders receiving First Security Corp. stock.Deseret Bank, a state-chartered institution with branches in Provo, Orem, Lehi, American Fork, Pleasant Grove and Lindon, has total assets of $107 million. It has 15,000 checking accounts and 10,000 Visa credit card accounts.
"First Security's stated expansion strategy continues to be to grow through the acquisition of strong financial institutions with proven management teams and market presence," said Spencer F. Eccles, chairman and chief executive officer of First Security.
"The Deseret Bank certainly fits this description, and we are delighted to have the opportunity to acquire this excellent Utah financial institution."
Kay Jacobs, Deseret Bank chairman, said: "I anticipate the merger of our two strong Utah banks will afford a wider variety of services, broader geographic availability, and our banks will be better positioned to compete in the ever-increasing competitive financial marketplace."
The merger must be approved by Deseret Bank's 150 stockholders and by regulatory agencies. That process will take 90 to 120 days.