SALT LAKE CITY — People’s Intermountain Bank has acquired all seven Utah branch locations from Banner Bank.
According to a statement from the bank, the seven branches acquired are located in Salt Lake City, Provo, South Jordan, Woods Cross, Orem, Salem and Springville. The Woods Cross and Orem branches have been consolidated into existing Bank of American Fork branches. The remaining branches will operate under the name Bank of American Fork, a division of People’s Intermountain.
People’s Intermountain now operates 25 full-service locations from Preston, Idaho, to St. George under the names Bank of American Fork and Lewiston State Bank. Bank of American Fork serves customers from Bountiful to St. George with 20 locations, and Lewiston State Bank serves the Cache Valley area with five locations.
The acquisition includes the purchase of $250 million in loans and $165 million in deposits from Banner Bank. With this transaction, coupled with the pending Town & Country Bank acquisition expected to close in the fourth quarter, the total assets of People’s Intermountain are expected to be in excess of $2 billion.