Credit union buys bank

A local credit union recently purchased a Green River-based bank, resulting in a credit union with more than $218 million in assets.

Trona Valley Community Federal Credit Union purchased State Bank in a deal designed to bolster Trona Valley’s presence in Green River and Rock Springs.

The deal was announced through a media release from Trona Valley.

Despite purchasing a bank, Jeremy Gibson, the President and CEO of Trona Valley said it will remain a credit union.

Gibson said while deals where credit unions purchase banks are uncommon, the surviving entity in the transaction remains.

“We are excited about combining these two financial institutions covering the Southwest Wyoming area,” Gibson said in the media release. “Both entities have developed strong relationships with their member-customers. Both entities have built robust platforms and production capabilities, and established low cost deposit bases with significant focus on member service.”

As of Dec. 31, 2016, Trona Valley had approximately $181 million in assets and offices in Green River, Rock Springs, Evanston and Mountain View while State Bank had approximately $37 million and locations in Green River and Rock Springs.

“We are excited to join forces with Trona Valley Community Federal Credit Union and believe we are building a powerful credit union dedicated to serving the demanding needs of growing and successful individuals and businesses here in the Southwest Wyoming area,” Mark Borders, President of State Bank said in the media release. “The combination of these two financial institutions is a great cultural and business strategy fit as we share the same passion for serving customers with superior personal service and products customized to fit each client’s needs.”

The boards of directors representing both companies approved the agreement, which is subject to conditions including approval by State Bank’s shareholders, bank regulatory agencies and the National Credit Union Administration.

According to data from the NCUA, Trona Valley was chartered in 1963. According to State Bank’s website, it was founded in 1997 four years after the original State Bank of Green River, which started business in 1895, was sold.