Fiscorp Inc., a Salt Lake firm doing business as First Institutional Service Corp., said it has agreed with Community Financial Services Inc. to buy Pioneer Bank and will change its name to First Professional Bank.
The acqusition is subject to federal and state regulatory approvals. Price paid for the bank's stock was not revealed."Our existing business of providing financial services to health care professionals will be greatly reinforced by adding the bank to our operations," said Fiscorp chief executive officer Richard P. Spencer. "The bank will be enhanced and we believe that our market niche will be solidified by bringing the organizations together."
He said Fiscorp intends to "continue the bank's operations in support of local businesses" with special emphasis on the health care sector.
Pioneer Bank President William G. Lapsley said the bank's acquisition "will add new strength and complement the bank's commitment to business and professionals."
Pioneer Bank has $7 million in assets.
Fiscorp was formed last year by Spencer with local attorney Yan M. Ross and Robert A. Belanger, a retired senior vice president of Bank of America.
Earlier this year, Fiscorp acquired controlling interest in Mountain States Professional Association which provides financial management services to health care professionals.