First National Bank of Nevada Holding Co. in Scottsdale, Ariz., said late Wednesday that it has agreed to buy $121 million-asset Rocky Mountain Bank of Chandler, Ariz., for $13.2 million in cash, or $9.75 a share.
Privately held First National has assets of $225 million and is the holding company of First Bank of Arizona and First Bank of Nevada. The Arizona bank has five branches and the Nevada bank six, and both plan to open at least five branches in Wal-Mart stores in their states by yearend 2001. Rocky Mountain has nine Arizona branches, seven of them in Wal-Mart stores.
The deal is expected to close by the end of January.
