State Bank in Lake Havasu City, Ariz., has agreed to sell a branch to 1st Bank Yuma.

The $317 million-asset State Bank said in a press release Tuesday that it will sell the Yuma, Ariz., branch — along with $17 million in deposits and $18 million in loans — for roughly $750,000. The price represents a 4.45% deposit premium.

"After careful consideration, we have decided to exit the Yuma market," Brian Riley, State Bank’s president and chief executive, said in the release. "This transaction will allow us to redirect our focus to further developing our core markets of Lake Havasu City, Kingman and Bullhead City, as well as pursue other growth opportunities in the future."

The branch sale is expected to close in the third quarter.

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