Deseret Bancorp. shareholders have approved the purchase of the Utah County bank holding company by First Security Corp. and its bank branches converted into First Security Bank offices.
Deseret Bank's offices will be acquired by First Security at the close of business Nov. 9. Deseret shareholders will receive First Security common stock in exchange for their Deseret shares with the exchange ratio determined at the close of business on that day.A First Security spokesman said the merger has been approved by all regulatory agencies.
Deseret Bank operates six branches in Provo, Orem, Lehi, American Fork, Pleasant Grove and Lindon. It has assets of $112.3 million, deposits of $97.8 million, loans outstanding of $60.4 million and total capital of some $13 million.
In addition to the six banking offices, First Security will acquire Utah Deseret Mortgage Co., a mortgage lending and servicing operation located in the Orem office. First Security will also acquire GL Insurance, which will continue operations as GL Insurance doing business as First Security Insurance Services
Eccles said Deseret Bank Chairman Kay Jacobs will join First Security's Salt Lake advisory board, and President Hal Allen will "become part of the First Security management team" in a yet-to-be named capacity.
Deseret Bancorp. is First Security's third acquisition in slightly more than a year. It acquired Davis County Bank, Farmington, in September 1989, and earlier this year bought the deposits and related customer accounts of Williamsburg Savings, Salt Lake City.
Two other First Security acquisitions in Utah are awaiting regulatory approval: the Utah operations of Pacific First Bank (formerly the Utah operations of American Savings & Loan) and the Ogden-based deposits and related customer accounts of MountainWest.
First Security has completed three other acquisitions this year in Idaho, Wyoming and Oregon.