First Security Bank has signed a letter of intent to purchase the 86-year-old Star Valley State Bank in Afton, Wyo.
Dave Wood, president and chief executive officer of First Security Bank of Wyoming, said the merger should be completed by the third quarter of 1994. The Star Valley Bank will continue to operate in Afton as a branch of First Security, he said.Financial details of the merger were not disclosed.
Star Valley Bank is a Federal Deposit Insurance Corp.-insured bank with assets of $60 million and deposits of $55 million. The bank's 1992 net income was $985,000.
First Security Bank of Wyoming is a subsidiary of First Security Corp., based in Salt Lake City, which has assets of more than $100 million, deposits of more than $86 million and loans of $43.4 million. The branches are locally managed and operated.
The acquisition of Star Valley State Bank brings to 245 the number of full-service banks in the six-state First Security system. It will be the fifth member of the Wyoming subsidiary.
The merger is contingent upon approval of shareholders and regulatory agencies.