Republic Bank of Arizona has announced the formation of a bank holding company following shareholder and regulatory approval.
The lender will now operate as a wholly-owned subsidiary of RBAZ Bancorp.
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As agreed, each share of the bank’s common stock will be exchanged into one share of the holding company common stock. The bank shareholders will be informed about the share exchange soon.
Republic Bank of Arizona president and CEO Brian Ruisinger said: “We are excited to announce the formation of RBAZ Bancorp, Inc. as the holding company for Republic Bank of Arizona.
“This will allow for increased access to capital markets and will provide the flexibility needed for the continued growth of the Company. We believe this action will put our Company in the best possible position to take advantage of additional opportunities as they arise.”
The formation of the holding company formation will have no impact on regular operations.
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By GlobalDataA locally owned, community bank in Phoenix and Scottsdale, Republic Bank of Arizona will continue to offer all banking services including deposit and loan products and convenient, on-line and mobile banking.
The bank’s headquarters will remain in Phoenix, Arizona. The holding company will also be based in Phoenix.
Established in April 2007, Republic Bank of Arizona offers personal and business banking services to the community in and around the Greater Phoenix area.
