After going nearly three years without making an acquisition, First State Bancorp of Albuquerque has announced two deals in less than a week.
In the newer one, announced late Friday, First State is buying the $117 million-asset New Mexico Financial Corp. in Belen for about $20 million in cash and stock.
That announcement came just two days after the $2 billion-asset First State announced it had agreed to buy the $374 million-asset Access Anytime Bancorp of Albuquerque for about $30 million in stock.
By acquiring New Mexico Financial, the parent of Ranches Banks, First State would add two branches in its home city and seven more in the surrounding counties.
The deal is expected to close in the fourth quarter. First State’s last completed acquisition was in October 2002.
