State Bank in Lake Havasu, Ariz., has agreed to buy Country Bank in Prescott, Ariz.
The $325 million-asset State Bank said in a press release Tuesday that it will pay $29.6 million in cash and stock for the $206 million-asset Country Bank.
The merger is expected to be immediately accretive to State Bank's earnings per share. Two directors from Country Bank will join State Bank's board.
"This [acquisition] reaffirms our position as the largest community bank headquartered in Arizona and expands our geographic footprint into Yavapai County" in Arizona, Brian Riley, State Bank's president and chief executive, said in the release. "We believe with this combination, the bank will be even better positioned to grow, serve our customers and create strong returns for our shareholders.
D.A. Davidson and Sheppard Mullin Richter & Hampton advised State Bank. Vining Sparks and Lindquist & Vennum advised Country Bank.