First Security Bank of Rock Springs, Wyo., a subsidiary of the Salt Lake-based First Security Corp., and the State Bank of Green River, Wyo., have signed a letter of intent to merge.
Under the agreement, announced by Roger A. Weidner, president and chief executive officer of First Security Bank of Rock Springs, and William T. Rogers, chairman, and Thomas L. Stewart, president of the state bank, the state bank will continue to serve households and businesses as a full-service branch of First Security.The State Bank of Green River has assets of $34.2 million, deposits of $29.1 million and loans of $9.5 million. Owners of the state bank will receive a still-to-be-determined number of shares of First Security Corp. common stock.
First Security Bank of Rock Springs has assets of $71.8 million, deposits of $63.8 million and loans of $31.9 million,
The acquisition of the state bank brings to 206 the number of full-service banking offices in the four-state First Security banking system and to two the number of First Security banking offices in Wyoming. In August 1990, First Security Bank acquired $11.3 million in deposits of the Sweetwater Savings & Loan Association, Rock Springs.