LAKE HAVASU CITY, Ariz., Nov. 22, 2019 (GLOBE NEWSWIRE) -- On November 21, 2019, the shareholders of State Bank Corp. (OTCPINK: SBAZ) (“Company”), the holding company for State Bank of Arizona, approved the previously announced definitive merger agreement with Glacier Bancorp, Inc., pursuant to which Glacier Bancorp will acquire State Bank Corp., subject to the terms and conditions set forth therein.

The transaction is expected to close on or around February 28, 2020, subject to final regulatory approval and customary closing conditions.

Additionally, the Company announced its Board of Directors declared a regular quarterly cash dividend of $0.075 per share.  The dividend is payable on December 20, 2019, to shareholders of record on December 5, 2019.  Based on the current share price, the annualized dividend yield is 1.70%. 

About the Company

State Bank Corp., headquartered in Lake Havasu City, Arizona, is the parent company of State Bank of Arizona, the largest locally-owned bank in Arizona.  State Bank of Arizona is a full-service bank providing deposit and loan products, and convenient on-line banking to individuals, businesses and professionals. The Bank was established in October 1991, and the holding company was formed in 2004.  Specializing in providing exceptional customer service and investing in its local communities, State Bank of Arizona was named 2018 Bank of the Year by Western Independent Bankers.  The Bank has ten full-service branches: two in Lake Havasu City, two in Kingman, two in Prescott, one in Bullhead City, one in Prescott Valley, one in Phoenix, and one in Cottonwood, Arizona.  The Company is traded over-the-counter as SBAZ. For further information, please visit the website: www.statebankaz.com

Forward-looking Statements

This press release may include forward-looking statements about State Bank Corp. and State Bank of Arizona.  These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the Company's possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, borrower capacity to repay, operational factors and competition in the geographic and business areas in which the Company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

Contact:

Brian M. Riley, President & CEO
Craig Wenner, EVP & CFO
928 855 0000               
www.mohavestbank.com