First Security Corp. has reached an agreement to acquire Davis County Bank and its holding company, Davis Bancorp.
Davis County Bank, a state-chartered institution with branches in Centerville, Farmington and Layton, has total deposits of $24 million. The three banks will become branches of First Security Bank of Utah.A First Security spokesman said the agreement calls for Davis County Bank to merge into First Security Bank of Utah with Davis shareholders receiving First Security Corp. common stock for their shares.
"Davis County Bank has been a solid Davis County fixture since it was founded by Ezra T. Clark in 1892," said First Security Chairman Spencer F. Eccles. "The Clark family has built the bank on the same tradition of personal service and prudent management that has characterized First Security."
Davis Bancorp. President Howard S. Clark said the merger would benefit Davis County Bank's customers and depositors. "With the added services we now will be able to offer, the the increased security that comes from being associated with the state's largest financial institution, I believe that this is an excellent move . . . " said Clark.